Daehan Electric Wire Surpasses 800 Billion Won in Q1 Sales for the First Time... Order Backlog Reaches 2.8 Trillion Won

Daehan Electric Wire announced on April 30 that its sales for the first quarter of this year reached 855.5 billion won, an increase of 8.5% compared to the same period last year. Operating profit was 27.1 billion won, a decrease of 5.8% from the previous year.

Exterior view of Daehan Electric Wire Dangjin Cable Factory. Photo by Daehan Electric Wire

This sales figure marks the highest first-quarter result since the company began reporting consolidated quarterly results under Korean International Financial Reporting Standards (K-IFRS) in 2010. Daehan Electric Wire stated, "The company continued its strong performance due to an increase in new orders in the global market and improved results from overseas subsidiaries."

Last year, Daehan Electric Wire secured a series of large-scale projects in major countries such as the United States, Europe, and Asia, resulting in an order backlog of over 2.8 trillion won as of the first quarter. This is approximately three times higher than the 2020 order backlog of 945.5 billion won, with high-profit projects in the United States and Europe accounting for more than 30% of the total order backlog.

Additionally, overseas production and sales subsidiaries such as Taihan Vina and M-TEC in South Africa also drove first-quarter results by achieving sales nearly double those of the same period last year.

Regarding countermeasures against U.S.-imposed tariffs, Daehan Electric Wire stated, "We possess superior technological capabilities and stable production capacity compared to local companies, which makes us highly preferred by major U.S. power authorities." The company added, "In particular, we have a solid competitive edge in executing large-scale infrastructure projects, such as extra-high-voltage cable systems, and we will minimize the impact of tariffs based on our technological superiority."

Daehan Electric Wire completed the comprehensive construction of its first submarine cable plant in the first half of this year, and plans to begin construction of its second plant, which will produce high-voltage direct current (HVDC) submarine cables, in the second half of this year, aiming to begin operations in 2027.