Taihan Cable & Solution posts 152.1 billion won in operating profit through Q3, surpassing last year’s full-year total

[Financial News] Taihan Cable & Solution posted record-high results for the third quarter this year, benefiting from increased global investment in power infrastructure and a rise in orders for ultra-high-voltage cables. As orders secured in major markets such as Europe, North America and Asia translated into sales, the company kept quarterly revenue at the 1-trillion-won level for four consecutive quarters. However, operating profit growth lagged behind revenue growth, limiting improvements in profitability.
Taihan Cable & Solution said on the 29th that it recorded consolidated revenue of 1.1764 trillion won and operating profit of 30.9 billion won in the third quarter this year. Revenue and operating profit rose 37.6% and 4.5%, respectively, from the same period a year earlier. These were the company’s highest third-quarter results on record since it began compiling consolidated quarterly results under Korean International Financial Reporting Standards (K-IFRS) in 2010.
Quarterly revenue has remained at the 1-trillion-won level for four consecutive quarters since reaching 1.0092 trillion won in the fourth quarter last year. Through the third quarter this year, cumulative revenue totaled 3.4584 trillion won and operating profit 152.1 billion won, up 31.7% and 78.5%, respectively, from the same period a year earlier. Cumulative operating profit has already surpassed last year’s full-year operating profit of 128.6 billion won.
The order backlog also reached a record high. Taihan Cable & Solution’s new orders in the third quarter totaled 809 billion won, bringing its cumulative order backlog to 4.3073 trillion won. That was at least four times the level at the end of 2021, shortly after the company became part of Hoban Group.
Expansion of its global ultra-high-voltage cable business was a key driver of growth. Projects secured earlier in major markets such as Europe, North America and Asia contributed to revenue, while the company also continued to make gains in other major businesses, including submarine cables, industrial cables and communications cables.
Taihan Cable & Solution emphasized that it “has been highlighting recent orders secured in major countries such as the United States, Germany and Australia, and strengthening its business competitiveness in the global power infrastructure market.”
The company also plans to expand its high-voltage direct current (HVDC) transmission and submarine cable businesses. To respond to increased investment in power grids driven by the government’s Korean-style Green Transformation (K-GX) strategy and the West Coast Energy Expressway project, among other initiatives, it plans to step up related technology development and order-winning efforts.
A company official said, “With increased global investment in power infrastructure, growth opportunities in the ultra-high-voltage cable market are expanding.” The official added, “Building on our accumulated technological expertise and project execution capabilities, we will strengthen our competitiveness and continue investing in and developing technologies for future growth businesses such as submarine cables and HVDC, expanding our presence in global markets.”
[email protected] Lim Su-bin Reporter