Photograph) Panoramic view of LS Eco Energy’s production plant in Vietnam
■ All-time highs in sales, operating profit, and net profit
■ Exports of ultra-high voltage cables and communication cables to Europe and United States drive growth
■ Countermeasures such as expansion of AI data centers and U.S. infrastructure expected to lead to continued growth
LS Eco Energy (CEO Lee Sang-ho) recorded its highest ever performance in 2024 thanks to its good performance in the global market and the expansion of its high-value cable business.
In its provisional performance announcement on the 5th, the company said that it had achieved sales of KRW 869 billion, an operating profit of KRW 44.8 billion, and a net profit of KRW 35.3 billion.
Sales increased by approximately 18.9% compared to the previous year's sales of KRW 731.1 billion, while operating profit increased by approximately 1.5 times and net profit by a whopping 8 times.
The company concluded that this achievement was due to its focus on advancing its technological capabilities and responding quickly to the market in line with global trends such as increasing demand for AI data centers and expanding power grids.
In particular, the growth in exports of high-value-added cables, such as ultra-high voltage cables and LAN (UTP) cables, to Europe and the United States served as a key driver of growth. In the US market, exports of LAN (UTP) cables increased by approximately 15% year-on-year due to the influence of the de-China strategy, which contributed significantly to the increase in performance.
In the Vietnamese market, the company also continued to grow steadily by supplying cables to high-margin businesses led by Electricity of Vietnam (EVN), including large-scale power plants and airport expansion projects. LS Eco Energy maintains an unrivaled market position as the only ultra-high-voltage cable producer in Vietnam.
Lee Sang-ho, CEO of LS Eco Energy, said, “We will expand orders for ultra-high voltage cables in the European market through a cross-selling strategy with LS Cable & System, and begin full-scale sales of URD (underground) and distribution cables in the U.S. market.”
