LS Marine Solution reports 84% revenue growth, fueled by Jeonnam Offshore Wind Project
LS Marine Solution, a key player in South Korea’s marine engineering and construction sector, has reported significant financial growth, driven by its involvement in the Jeonnam Offshore Wind Power Phase 1 project. The company announced on Feb. 3 that it recorded a revenue of 130.3 billion won and an operating profit of 12.4 billion won last year. This marks a substantial increase from the previous year’s revenue of 70.8 billion won, reflecting an 84% growth.
The Jeonnam Offshore Wind Power Phase 1 project, which LS Marine Solution began in earnest in the second quarter of last year, has been a major contributor to this financial success. The project, with a capacity of 96㎿, is a significant milestone in South Korea’s renewable energy landscape, aligning with the country’s ambitious goals to reduce reliance on fossil fuels and increase renewable energy sources.
In the fourth quarter of last year alone, LS Marine Solution’s revenue reached 40.9 billion won, with an operating profit of 2.1 billion won. These figures represent a 69% increase in revenue and a 3% increase in operating profit compared to the same period the previous year. The company attributes this growth to the successful cable construction performance of the Jeonnam project and the inclusion of LS Buildwin’s fourth-quarter performance as a subsidiary. “The growth in revenue was mainly due to the cable construction performance of the Jeonnam Offshore Wind Power Phase 1 and the inclusion of LS Buildwin’s fourth-quarter performance as a subsidiary,” stated LS Marine Solution.
Looking ahead, LS Marine Solution plans to accelerate its growth by expanding its offshore wind power construction projects. The company has been selected as the preferred bidder for large-scale projects such as Anma (532㎿) and Taean (500㎿) and is in negotiations for the Shinan Ui (400㎿) project. Additionally, LS Marine Solution aims to enter the global market in cooperation with LS Cable & System, leveraging the expanding global offshore wind market trends.
Source:Business Korea
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