Iljin Electric said on the 13th that it posted consolidation-based sales of 2.0446 trillion won and operating profit of 151.2 billion won last year.
That marked increases of about 30% in sales and about 90% in operating profit from a year earlier, setting an all-time record since the company's founding.
Iljin Electric said its strategy of proactively responding to power grid replacement demand centered on North America and the expansion of global power infrastructure investment led to improved results.
In particular, a sharp rise in exports of ultra-high-voltage transformers, a high value-added product, lifted profitability, while increased exports to the Middle East and diversification in the European market also supported growth.
Expanded production capacity also had a positive effect on results.
The company said the effect of expanding the Hongseong plant was reflected, and by securing new demand from sources such as artificial intelligence (AI) data centers, it built up a backlog focused on high-profit orders, while cost-cutting efforts also contributed to higher operating profit.
Iljin Electric is also accelerating development of a 500 kV-class voltage-source high-voltage direct current (HVDC) transformer in connection with the government's project to build an energy expressway.
An Iljin Electric official said, "It was a year that opened the era of 2 trillion won in sales and proved competitiveness in the global market," adding, "In step with the era of carbon neutrality and energy transition, we will secure sustainable growth engines by developing eco-friendly power equipment and providing high-efficiency solutions."