Iljin Electric announced on August 11 that it recorded sales of 637.4 billion won and an operating profit of 72 billion won for the second quarter of this year. Compared to the same period last year, sales increased by approximately 22%, while operating profit rose by about 91%.
For the first half of the year, the company reported cumulative sales of 1.14 trillion won and an operating profit of 122.7 billion won, marking increases of approximately 16.6% and 71.3%, respectively, compared to the same period last year. This represents the highest first-half performance in the company's history.
The growth in performance was supported by strong demand in the medium voltage and cable sectors. As of the end of the first half, Iljin Electric's order backlog was approximately $1.94 billion (about 29.89 trillion won), reflecting a nearly 10% increase from the end of the first quarter. The medium voltage sector, which includes transformers and circuit breakers, accounted for about 67% of the total backlog, while the cable sector made up approximately 33%. Regionally, about 76% of the backlog is from overseas, with the remaining 24% from domestic orders.
The company has a positive outlook for the third quarter, citing ongoing demand for electrical equipment and cables driven by the replacement of aging power grids in the U.S., increased investments in renewable energy in Europe, and a global rise in AI data center construction. In South Korea, demand for related electrical equipment is also expected to grow due to increased investments in renewable energy generation and data centers.
An Iljin Electric representative stated, "As previously secured orders continue to be shipped, we expect solid performance in the third quarter. Additionally, there are large projects expected to be awarded in the second half, which will likely lead to a significant increase in order volume."
* This article has been translated by AI.
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