Record first-quarter revenue rises 56% year on year
Exterior view of Korea Aerospace Industries (Source=Korea Aerospace Industries)
Korea Aerospace Industries, Ltd. (KAI) has accelerated progress toward achieving its annual sales target of 5.7 trillion won this year after posting record-high sales for the first quarter.
KAI announced on May 7 that, on a consolidated basis for 1Q, it recorded sales of 1,092.7 billion won, operating profit of 67.1 billion won, and net profit for the period of 41.3 billion won. Compared with the same period a year earlier, sales increased by 56.3%, operating profit by 43.4%, and net profit for the period by 41.7%. The sales figure marks the largest first-quarter sales in the company’s history.
Orders also showed an upward trend. As follow-on business areas expanded after deliveries of complete aircraft—centered on performance improvement of public notice and communication equipment and the FA-50PH follow-on logistics support project—orders in 1Q totaled 309.3 billion won. This represents an increase of 29.4% year-on-year.
These results reflect the combined impact of the stable execution of domestic system development projects and the expansion of exports of complete aircraft. KAI is carrying out major domestic projects as scheduled, including the Korean Fighter KF-21, for which it held a rollout ceremony for the first mass-produced unit in 3월, as well as the Marine Attack Helicopter (MAH) and Mine Countermeasures Helicopter (MCH), both of which are scheduled for completion of development this year.
Deliveries of complete aircraft also led the improvement in performance. Deliveries of the Light Armed Helicopter (LAH) and FA-50GF replacement aircraft were reflected in sales, and the delivery of two Indonesian T-50i aircraft also supported overseas business performance. The Malaysia FA-50M and Poland FA-50PL projects were recognized as revenue in line with their progress rates, contributing to the expansion of export sales.
In particular, sales from exports of complete aircraft came to 307.1 billion won, up 79.5% from the same period a year earlier. This was the highest growth rate among KAI’s business segments. Sales from the aerostructures business also increased by 11.6% to 222.8 billion won amid a recovery in the civil aviation market. The satellite field, classified as a future business, also generated sales of 10.4 billion won, supporting the expansion of the company’s business portfolio.
A KAI official said, “From the first quarter, both sales and operating profit recorded double-digit growth rates, laying the groundwork for achieving the annual sales guidance of 5.7 trillion won presented at the beginning of the year,” adding, “This year, as deliveries continue, including the KF-21 to be fielded by our Air Force, as well as Indonesia’s T-50i and Malaysia’s FA-50M, we expect it will be possible to achieve the best performance ever.”
Jung Min-hee
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