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Taihan announced on the 28th that its consolidated financial statements for Q3 provisionallyTaihan 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. 

Taihan has successfully signed a massive contract estimated at KRW 190 billion in the United StatesTaihan Cable & Solution has announced that T.E.USA, its American sales subsidiary, has successfully signed a massive long-term contract estimated at KRW 190 billion in the eastern United States. This undertaking marks the largest project ever secured by Taihan within the United States, and it stands as one of their most significant international contracts. To address the rapidly growing power demand in the eastern United States, Taihan will furnish all necessary extra high voltage power grid components, such as 138 kV and 345 kV cables and accessories, for a project aimed at upgrading old power grids to new ones. With the addition of this contract, Taihan’s new orders from the U.S. this year amount to KRW 520 billion. Therefore, the company has, within half a year, surpassed the 2022 annual order intake of KRW 400 billion, the highest since its entry into the North American market, thereby setting a new record for orders in the U.S. 

Taihan announced the first quarter based on the consolidated financial statementsTaihan has formally disclosed its sales revenue of KRW 788.5 billion and operating profits of KRW 28.8 billion for the first quarter based on the consolidated financial statements. Compared to the same period for the previous year, this represents a 12% increase in sales revenue from KRW 703.9 billion and a 63% increase in operating profit from KRW 17.7 billion. By achieving nearly KRW 800 billion in sales this quarter, Taihan has reached its highest sales revenue since the second quarter of 2011. With operating profits of KRW 28.8 billion, the company has also accomplished its best performance in 54 quarters since the second quarter of 2010. The primary factor in this performance improvement is attributed to an increase in sales based on a substantial order backlog. With the rise in demand for power grids driven by advancements in artificial intelligence and the growing utilization of renewable energy sources as the need to replace outdated power grids becomes imminent, Taihan has broadened its order base by prioritizing high-profit product categories within its key markets including the United States, Europe, and the Middle East.​ 

Taihan has won orders in the U.S. since the beginning of the year... Over $32 million - Expansion of power infrastructure investment due to demand for renewable and replacement of old power networks- Evenly ordered from the east/west, diverse product portfolio such as EHV cable, MV/LV cable- Competitive as a major power network supplier, bright prospects for orders in 2024 Taihan is producing good results in the U.S. market since the beginning of the year. Taihan announced on the 26th that the cumulative order amount in the United States as of the 4th week of January has exceeded $32 million. Since the beginning of the year, orders have continued in the U.S., which is more than 10% of the annual cumulative orders ($300 million) in 2022, which was the best performance since entering the U.S. As the demand for power infrastructure in the United States is greatly expanding, record-breaking orders are expected this year. The order areas are evenly distributed in major cities in the eastern and western United States, such as New York in the east, California, Arizona, etc., and achieved results in various product groups such as EHV (ultra-high voltage) cables for transmission, MV/LV (medium/low voltage) cables for distribution, and processed wires. 

Taihan announced its tentative consolidated financial results for 2023On the 23rd, Taihan announced its tentative consolidated financial results for 2023, achieving sales of KRW 2,845 billion and an operating profit of KRW 78.4 billion. This represents a 16% increase in sales from KRW 2,450 billion in 2022 and a 63% growth in operating profit from KRW 48.2 billion. The net profit for the year stood at KRW 67.0 billion, marking a substantial 207% expansion from the previous year's KRW 21.8 billion. Last year's operating profit and net profit marked the highest performance in 15 years since 2008. Additionally, the sales reached the highest figure in 12 years since 2011. The backdrop of the outstanding performance can be attributed to the expansion of orders in key global markets such as the United States, Europe, and the Middle East. Since its integration into Hoban Group in 2021, Taihan has been able to create a stable management environment, allowing a focus on its core business. The company has been actively pursuing strategies to penetrate global markets.​​

Taihan has secured a contract for a 380kV EHV power network project from Germany's TenneTTaihan Cable & Solution has secured a contract for a 380kV Extra High Voltage (EHV) power network project from Germany's TenneT, valued at 60 billion won.  This project involves the construction of 380kV underground cables in Germany to expand the transmission network necessary for environmentally friendly wind power generation. Taihan will supply all materials including EHV cables and cable accessories, and will handle everything from power network design to cable laying, connection, and testing. Last year, Taihan had successfully won two projects in Germany worth a total of 70 billion won, marking its entry into the German high-voltage market. With this latest large-scale project, Taihan has further reinforced its competitiveness in the German market.  

<Taihan’s newly acquired cable laying vessel > Offshore Wind Power Business Sailing SmoothlyTaihan Acquired “Korea’s Only Cable Laying Vessel for Offshore Wind Power”- A 6,200-ton CLV specialized for submarine cables, capable of self-propulsion and dynamic positioning- Future-proofing business and securing revenue sources amid expected shortages of cable ships- Emerging as a total solution provider covering both underwater cable production and installationTaihan Cable & Solution is gearing up to leap forward as a total solution provider capable of laying submarine cables. On December 20th, , led by CEO Song Jong-min, announced the acquisition of a 6,200-ton cable laying vessel, or CLV. Korea’s only CLV designed for offshore wind power, is equipped with advanced features such as self-propulsion and a dynamic positioning system (DP2). The vessel can load up to 4,400 tons of submarine cables at once.  This acquisition positions Taihan competitively in turn-key projects that span from submarine cable production to laying. As there are only a few cable manufacturers with cable-laying capabilities, Taihan is set to lead in the burgeoning offshore wind power industry globally. Furthermore, the increasing demand for submarine cables is likely to cause a shortage of cable layers, leading to higher charter rates for such vessels. Owning this vessel positions Taihan favorably to undertake projects steadily and tap into new revenue sources. A cable laying vessel is specifically designed for submarine cables. Therefore, it outperforms cable laying barges, or CLB, converted barges originally used for carrying cargo.  Capable of sailing at 9 knots on average under its own power, the CLV can transport and lay cables much faster that CLBs, which mostly rely on tugboats. This efficiency is especially beneficial for distant projects in regions like Europe and the Americas. The vessel also boasts high stability in rough seas and resistance to severe weather conditions.  In addition, a dynamic positioning system (DP2) mounted on the vessel automatically maintains its designated position for hours, allowing for precise cable installation and stable navigation.   Taihan is planning to make full use of this vessel first for the Yeonggwang Nakwol Offshore Wind Power Project it recently won, and later, the Anma Offshore Wind Power Project. In January next year, the company will collect suggestions from its employees in naming the vessel. A company official said, “As this CLV meets the global standard for the European offshore wind power market, it opens up various business opportunities in the global market.” The official added, “We will work to leap forward as a total solution provider in the global submarine cable market through aggressive investments, including the construction of a second submarine cable plant for HVDC and export cables, and expanding our sales network both in Korea and internationally.”  

Taihan won the contract for the supply of submarine cables for the Yeonggwang Nakwol Project- Demonstrates Competitiveness by Securing Multiple Large-Scale Offshore Wind Projects in Korea- Production to Start Immediately After Completion of Phase 1 of Submarine Cable Plant in Dangjin- Plans to Lead the Market by Constructing a Second Submarine Cable Plant Dedicated to HVDC Submarine CablesTaihan Cable & Solution is accelerating its achievements in the submarine cable sector. On the 17th, Taihan Cable & Solution announced that it had won the contract to supply submarine cables for the Yeonggwang Nakwol Offshore Wind Farm project. The company will provide the entire supply of internal submarine cables and related materials. The Yeonggwang Nakwol Offshore Wind Farm project is a large-scale offshore wind power initiative located near Songi Island, off the coast of Nakwol-myeon, Yeonggwang County, Jeollanam-do. The total facility capacity is 365MW, and 64 wind turbines, each with a capacity of 5.7 MW, will be installed.  Taihan will supply internal submarine cables that connect the wind turbines, as well as cables that connect the wind farm to a new substation on Songi Island. These submarine cables will be produced at the first phase of the Dangjin submarine cable plant in Chungcheongnam-do, which is scheduled to begin full operation early next year.  A representative from Taihan Cable & Solution commented, "This contract ensures a significant volume of production that will commence immediately after the completion of Phase 1 of the submarine cable plant," adding, "We are rapidly achieving results in the submarine cable sector by leveraging our existing experience, technology, and network." The representative also added, "With the Yeonggwang Nakwol project as a catalyst, we will actively participate in various offshore wind projects being developed in Korea, contributing to the stabilization of the submarine cable supply chain. Furthermore, we aim to boost our export competitiveness by using this as a stepping stone to expand into the growing offshore wind markets in Europe, the U.S., and beyond."  In response to the growing global demand for submarine cables, Taihan is constructing a dedicated submarine cable plant in the hinterland of the Godeok Pier in Dangjin, Chungcheongnam-do. Currently, Phase 1 of Plant 1 is under construction, and the second phase will begin in March 2024. The company plans to build a second submarine cable plant from 2025, with the goal of producing 345kV external network and 525kV HVDC submarine cables by 2027, positioning itself to lead the expanding market.​  

Taihan met with Saudi Arabia's Minister of Industry and Mineral ResourcesTaihan Cable & Solution met with Saudi Arabia's Minister of Industry and Mineral Resources​at a hotel in Seoul on December 15th to discuss cooperation plans, including investment in a cable factory. The meeting was organized to discuss investment and business cooperation in Saudi Arabia during the Saudi minister’s visit to Korea. The attendees shared the current status of an extra-high-voltage cable factory in Saudi Arabia that Taihan is promoting and discussed future plans in detail.  

Catalyzing Growth: Aggressive InvestmentAmid Global Power Grid UpswingTaihan raises KRW 520 Billion to "Build Submarine Cable Plant 2"- Capital to be raised through underwriting of forfeited shares following the rights offering, with the majority shareholder Hoban E&C participating in the offering- KRW 470 billion investment in Submarine Cable Plant 2 to “fully meet the demand for HVDC submarine cables”- Strengthening competitiveness by securing production bases in expanding infrastructure investment areas like the U.S. and Europe.- Positioning to be a global leader in all power grid areas, including underground and submarine. Taihan seeks to secure future growth engines amid the surging global power grid infrastructure.  Taihan Cable & Solution (CEO Song Jong-min) announced on Thursday that it has decided to undertake a rights issue by approximately KRW 520 billion to build the Submarine Cable Plant 2. The strategy involves constructing additional plants for submarine cables to target the offshore wind power market, where demand is growing due to the expansion of renewable energy. Additionally, the company aims to enhance global competitiveness by establishing production bases in regions where investment in electricity infrastructure is accelerating, such as the United States and Europe. The rights issue will will take the form of underwriting forfeited shares following the rights offering. Taihan plans to allocate approximately 0.5 new shares for each share held to existing shareholders (as of January 18) and will initiate a subscription offer for existing shareholders from February 27 to 28. An oversubscription privilege is granted within the range of 20% of the allocated shares. Hoban E&C the majority shareholder (40.1%), is set to participate in the rights issue.  □ Investment of KRW 470 billion in Submarine Cable Plant 2, "Securing the Growth Engine of HVDC Submarine Cable"Taihan is set to invest approximately KRW 470 billion in the construction of the second submarine cable plant, referred to as "Submarine Plant 2," utilizing financial resources secured through the rights offering. Following the ongoing construction of Submarine Plant 1 at the Go-dae Pier at Dangjin Port, Chungcheongnam-do, Taihan plans to expedite the construction of Plant 2 to proactively meet the expanding global demand for submarine cables. The Submarine Plant 2 will be a specialized facility capable of producing 525kV-class HVDC (High-Voltage Direct Current) submarine cables and 345kV-class export cables. The plant is expected to be completed in 2026 and operational in the first half of 2027. Featuring cutting-edge equipment, including a VCV (Vertical Continuous Vulcanizing) tower—a pivotal component for extra-high voltage cable production—the second plant will boast approximately five times the production capacity of the first submarine plant. □ "Securing Production Bases" in Regions with Expanding Infrastructure Investment, Such as the U.S. and EuropeTaihan will also invest in securing production bases in regions with active infrastructure investment. Approximately 50 billion won, raised through the rights offering, will be strategically allocated to regions including the U.S., Europe, and the Middle East.  Specifically, in the U.S., the company aim to enhance competitiveness in orders, aligning with its Buy American policy by establishing local production facilities in areas where Taihan’s orders and sales are increasing annually. In Europe, the expansion of infrastructure investment, driven by the transition to renewable energy and the construction of new power grids, will be capitalized upon as the company extends its influence through the establishment of local production bases. "As we find ourselves amidst a global super cycle, witnessing a surge in demand for renewable energy generation and power grids, we intend to capitalize on this opportunity and sustain our growth," stated an official from Taihan. "Through proactive and aggressive investments, our aim is to emerge as a global leader, showcasing unparalleled competitiveness across all power grid sectors, encompassing both underground and submarine cables."