Iljin Electric announced on the 11th that it recorded revenue of 637.6 billion won and an operating profit of 70 billion won in the third quarter. These figures represent increases of 41.6% and 98.3%, respectively, compared to the same period last year.
As of the end of the third quarter, the order backlog was tallied at approximately $2.25399 billion (approximately 3.0492 trillion won). Of the total order backlog, approximately 69% is in the medium-voltage electrical equipment sector, including transformers and circuit breakers. The remaining 31% is in the wire and cable sector. Overseas orders accounted for approximately 72% of the total.
Iljin Electric stated that "Q4 performance is also expected to be solid." Demand for replacing aging power grid infrastructure in the United States remains robust. If the construction of renewable energy generation, which the US Democratic Party, having won the midterm elections, has signaled it will actively promote, becomes materialized, there is a high possibility that orders will increase further. In the case of Iljin Electric, as it does not handle distribution transformers directly connected to data centers, it is highly likely to avoid the impact of strengthened data center regulations.
An official from Iljin Electric said, "Both the medium-voltage electrical equipment business and the wire and cable business are showing a trend of continuous revenue growth," adding, "Demand for power equipment and wires and cables continues to increase due to the replacement of aging power infrastructure in the United States, the expansion of renewable energy generation in Europe, and active global power grid construction."
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