[Edaily Reporter Kim Hyung-wook ] KBI Metal ( KBI METAL CO., LTD.(024840)), a KBI Group subsidiary that manufactures wire materials and automotive electronic components, posted its best first-half results since its IPO, driven by rising copper prices and strong performance across its affiliates.
KBI METAL CO., LTD. announced on the 13th that it posted consolidated revenue of 490.4 billion won and operating profit of 28.3 billion won in the first half of this year. These figures represent year-over-year increases of 27.2% and 813%, respectively.
Net income also rose 2,714% year-over-year to 19.7 billion won.
Revenue, operating profit, and net income all reached their highest levels since the company’s KOSDAQ listing in 1994.
The surge in international copper prices and the resulting increase in sales drove these results.
The London Metal Exchange (LME) spot price for copper rose by approximately 38%, from an average of $9,432 per metric ton in the first half of last year to $13,088 per metric ton during the same period this year.
In addition, improved performance at KBI Cosmo Link Vina—in which KBI METAL CO., LTD. holds a 64% stake—and KBI Cosmo Link—in which it holds a 50% stake—also contributed to the increase in consolidated earnings.
Following its acquisition of 100% of transformer manufacturer Won Young Hi-Tech for 10.3 billion won last April, KBI METAL CO., LTD. changed its name to KBI Electric and is now seeking to expand its global artificial intelligence (AI) data center operations and tap into the market for replacing aging power grids in North America.
Park Han-sang, Chairman of the KBI Group, stated, “We are completing the vertical integration of the power grid value chain through the manufacture of copper materials, wires, and transformers,” adding, “We will focus on aggressive sales activities in response to the global power grid supercycle.”
