PR
Taihan Achieves Record-High Q1 Revenue of KRW 855.5 Billion; Robust Order Backlog Maintains KRW 2.8 Trillion
- Q1 revenue hits record high since adoption of K-IFRS in 2010
- Solid performance driven by global order expansion and overseas subsidiary growth
- Investor relations session addresses U.S. tariff impact and submarine cable plant developments
Taihan announced on April 30 its preliminary consolidated financial results for the first quarter of 2025, recording revenue of KRW 855.5 billion and operating profit of KRW 27.1 billion. Revenue increased 8.5% year-on-year from KRW 788.5 billion in Q1 2024, while operating profit slightly declined from KRW 28.8 billion, maintaining a stable level.
This marks the company’s highest-ever first-quarter revenue since it began reporting quarterly results under Korean International Financial Reporting Standards (K-IFRS) in 2010. Achieving over KRW 800 billion in a seasonally slow first quarter for the cable and energy industries underscores Taihan’s continued growth momentum.
Compared to the previous quarter (Q4 2024), Taihan also reported improvements of 2.6% in revenue and 24.3% in operating profit.
An investor relations (IR) session was held on the same day to present Q1 performance and address market concerns. The company attributed its strong results to increased new orders in key overseas markets and enhanced performance from its overseas subsidiaries.
Taihan secured large-scale projects in the U.S., Europe, and Asia, resulting in a sustained order backlog exceeding KRW 2.8 trillion—more than triple the KRW 945.5 billion recorded in 2020. High-margin projects in the U.S. and Europe account for over 30% of the backlog.
Subsidiaries including Taihan Vina (Vietnam) and M-TEC (South Africa) nearly doubled their sales year-on-year, significantly contributing to the Q1 results.
During the IR session, the company addressed concerns regarding potential impact from U.S. tariffs. A company spokesperson stated, “Taihan is highly favored by major U.S. power utilities due to its superior technology and reliable production capacity. Our competitive edge in executing large-scale projects, such as extra-high voltage (EHV) cable systems, will help mitigate the impact of tariffs.”
Taihan also shared updates on the progress of its submarine cable plants. Addressing market rumors of potential large-scale damage claims, a company official said, “Allegations of trillion-won damage claims related to our submarine cable plant layout are baseless. We have not infringed upon any trade secrets, and based on legal principles and the status of our plant, such claims are not legally viable.”
Currently, Phase 1 of the company’s first submarine cable plant is operational, with full completion expected in the first half of this year. Construction of a second plant, dedicated to HVDC submarine cable production, is scheduled to begin in the second half of 2025 with operations targeted for 2027.
The company emphasized that “unverified claims that disrupt normal business operations prior to legal judgment are undesirable, as they can undermine industrial competitiveness and negatively affect the national economy.”
Taihan concluded, “We will continue to reinforce our global competitiveness in submarine and HVDC cables while also delivering excellence across EHV, MV/LV cables, and overhead conductors. Our efforts are focused on expanding exports and enhancing performance through strategic global growth.”
