Iljin Electric announced on the 18th that its consolidated operating profit for the first quarter of this year reached 34 billion KRW, an increase of 85.7% compared to the same period last year. Sales amounted to 457.4 billion KRW, up 34.0%, marking the highest quarterly performance in the company's history.
The heavy electrical equipment division recorded sales of 75.1 billion KRW, a 26.0% increase from the previous year, driven by rising demand for transformers. The wire division grew by 36.0% to 388.7 billion KRW. The company explained that steady expansion of orders, the expansion of the Hongseong transformer plant, and process improvements at the Hwaseong wire plant, which led to enhanced production capacity, all contributed to these results.
A company representative stated, "The combination of our market expansion strategy and strengthened production capabilities allowed us to proactively respond to rising global demand, which proved effective."
In particular, the company emphasized that in the North American market, most transformer production volumes have already been secured through 2028. In addition, long-term contracts based on deliveries through 2030 are ongoing, ensuring a stable order base.
Since entering the North American market in the early 2010s, Iljin Electric has seen steady growth in both orders and sales. In response, the company established a tariff management system in 2020 to mitigate risks. By flexibly adjusting prices in line with surging demand since 2022, the company anticipates that the impact of future tariffs on current export volumes will be limited.
The company added, "We are responding to changes in the external trade environment by establishing scenario-based strategies and conducting advance consultations with clients, taking into account various factors such as pricing."
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