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LS Marine Solutions shows highest performance in 22 years, visible synergy with LS Cable & System 2024-01-31

Photograph 1) Submarine cable laying vessel GL2030 of LS Marine Solutions
Photograph 2) LS Marine Solutions CI

■ Record-breaking performance in just one year since acquisition of LS Cable & System, establishment of ‘submarine materials and value chain construction’
■ Sales increase of 65%, turn to surplus in operating profit and net profit, operating profit margin of 18.5%
■ Continued growth expected through implementation of offshore wind power project in Jeollanam-do and expansion into Taiwan

LS Marine Solutions (CEO: Lee Seung Yong) achieved its highest operating profit and net profit in 22 years. The company recorded its highest performance since being acquired by LS Cable & System in August of last year.

LS Marine Solutions announced on the 31st that based on the provisional performance for 2023, it recorded sales of 70.8 billion won, an operating profit of 13.1 billion won, and a net profit of 11.6 billion won.

Compared to 2022, sales increased by over 65% from 42.8 billion won, and operating profit and net profit turned to surplus from -6.6 billion won and -12.1 billion won, respectively, with the operating profit margin reaching 18.5%.

An official from the company said, “The expansion of the submarine power cable business and asset efficiency drove this performance.”

LS Marine Solutions, along with LS Cable & System, is expanding its submarine cable construction business by building integrated order-taking capability through the establishment of a ‘submarine cable material-construction value chain.’

Lee Seung Yong, CEO of LS Marine Solutions, said, “We will continue our growth this year by carrying out the offshore wind power project in Jeollanam-do, which we have already won orders for, and by receiving additional orders for domestic offshore wind power projects,” adding “We are also expecting orders from countries such as Taiwan and Vietnam, where the submarine cable market is growing rapidly.”

LS Marine Solutions, established in 1995, is Korea's first submarine cable constructor and has the largest market share in Korea. The company opened an office in Taiwan early this month and is in full swing entering the submarine construction market, which is estimated to be worth approximately 2.5 trillion won.