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Taihan announced on the 28th that its consolidated financial statements for Q3 provisionally
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Taihan announced on the 28th that its consolidated financial statements for Q3 provisionally
Taihan announced on the 28th that its consolidated financial statements for Q3 provisionally indicated sales amounting to KRW 804.4 billion with an operating profit of KRW 27.2 billion. Sales surged by 28% from the prior year’s KRW 630 billion, while operating profit marked a 56% growth, up from KRW 17.4 billion.
Notably, this third-quarter operating profit stands as the largest on record since the adoption of the Korean International Financial Reporting Standards (K-IFRS) in 2010 for measuring consolidated quarterly performance.
Total sales for the first three quarters amounted to KRW 2.4573 trillion, while operating profit reached KRW 93.4 billion, demonstrating respective year-over-year growths of 18% and 58% when compared to KRW 2.0883 trillion and KRW 59.1 billion during the same period last year. The cumulative operating profit for this year exceeds by over 17% the annual operating profit of KRW 79.8 billion achieved in 2023. Sales have also reached their peak in the last 13 years, marking the highest since 2010.
The primary factor behind the boost in performance is identified as the steady generation of sales from high-profit products, leveraging a large backlog of orders. As of the end of the first half of the year, Taihan had amassed a record-high order backlog of KRW 2.0055 trillion, with orders steadily coming in from regions such as the United States, Europe, and the Middle East.
As the company continues to win substantial project orders during the second half of the year, Taihan is expected to sustain its strong business performance. In fact, in the third quarter alone, the company managed to secure contracts worth KRW 280 billion in the United States, raising its total order volume for the year to KRW 610 billion. Earlier this month, Taihan secured a mega-project in Singapore worth KRW 840 billion, which is equivalent to 30% of last year’s annual revenue, thereby laying the groundwork for future sales growth.
