Surpassing 60 Billion KRW in Sales for Two Consecutive Years, Maintaining Profitability
Enhancing Corporate Value through "Transparent Management and Performance Improvement"
"Ewha Electric continues its profit trend by strengthening internal management. This year, we will maximize corporate value by achieving the largest order backlog and surpassing 70 billion KRW in sales, thereby rewarding our shareholders and stakeholders."
CEO Wi Jong-mook of Ewha Electric stated this in an interview with
Ewha Electric Industry, established in 1956, is a specialized power electronics company. It developed Korea's first uninterruptible power supply (UPS) and manufactures various power devices such as transformers, frequency converters, and power converters. The company supplies UPS units not only to major domestic conglomerates including Samsung Electronics but also to hospitals, financial institutions, and key industries. It also delivers core equipment to critical national infrastructure such as metropolitan subway power facilities and nuclear power plants.
Recently, in the transformer business division where investments have been made, the company secured certification by conducting seismic verification at the highest level of 0.5g at the Korea Institute of Machinery and Materials. Additionally, Ewha Electric is preparing to launch a hybrid molded transformer that combines its technology for subway rectifier transformers with the recently introduced vacuum molded transformer technology.
CEO Wi, a management and finance expert with experience at Samsung Electronics, Bokwang Group, and CoAsia, has been leading Ewha Electric since April last year, focusing on company normalization. Currently, Ewha Electric faces delisting risks due to issues related to the previous management.
CEO Wi emphasized, "Ewha Electric received a disclaimer of opinion because the criminal case verdict related to the former management has not been finalized. We are actively responding, including filing administrative lawsuits regarding the delisting decision. Fundamentally, we believe the company must become strong, so all employees are putting their full effort into increasing performance and strengthening internal stability."
In fact, despite adverse internal and external conditions, Ewha Electric recorded sales exceeding 60 billion KRW and profits for two consecutive years. Last year, it secured large orders exceeding 1 billion KRW from 13 companies, totaling approximately 56 billion KRW. This was supported by strong trust with clients and thorough cost reduction efforts by the new management team.
CEO Wi said, "This year, we set our sales target at about 84 billion KRW in orders and approximately 73 billion KRW in revenue. To achieve this, we are actively investing in strategic sales activities and advanced research and development. As a result, we have achieved meaningful outcomes by consecutively winning large domestic and international projects such as overseas nuclear power plant facilities, power supply devices for guided missile systems in the Middle East, and overseas naval shipbuilding projects."
In particular, in the nuclear power sector, Ewha Electric signed a contract last year with Korea Hydro & Nuclear Power for the construction of Shin Hanul Units 3 and 4, which is progressing smoothly with delivery targets set for 2027 (Unit 3) and 2028 (Unit 4). The company is also continuously advancing overseas nuclear power projects in collaboration with Korea Hydro & Nuclear Power in regions including the European Union and the United States.
Furthermore, Ewha Electric is accelerating efforts to secure future growth engines. It is simultaneously enhancing technological capabilities and market competitiveness through AI-based power conversion device R&D, exploring new business areas, and establishing modernized production lines to revitalize the transformer business.
Sales are also showing positive trends. Major domestic data center and Incheon International Airport projects are progressing smoothly, and in the secondary battery sector, the company is developing high-performance equipment at the request of clients. The secondary battery equipment is planned to generate approximately 8 billion KRW in sales, targeting delivery within this year.
Additionally, in the second quarter of this year, a defense overseas project (ELTA) worth about 28.7 billion KRW is scheduled, with approximately 20.4 billion KRW expected to be reflected in this year's sales. If this project proceeds as planned, achieving the annual sales target is considered fully attainable.
Beyond performance, Ewha Electric is committed to establishing a transparent corporate culture. At the end of last year, the company received the highest grade in the ESG (Environmental, Social, Governance) evaluation conducted through Korea Gas Corporation's SME partner support program. Although it did not receive a score in 2023, CEO Wi has focused on ESG management since his appointment, raising the score to nearly 100 points, marking a remarkable achievement.
CEO Wi stated, "We believe that the core of building company trust lies in transparent management and performance improvement. We are actively pursuing new growth engines and ESG management. Turning crisis into opportunity, we will create a newly advancing Ewha Electric and do our best to enhance shareholder value."
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