Iljin Electric is a Korean industrial company operating in the electrical equipment and power infrastructure sector. The company reports on a consolidated basis (연결재무제표), indicating it operates through multiple subsidiaries or business units. [TRANSLATION NOTE: The DART filings do not contain detailed business segment descriptions in this dataset. The company name and financial statement structure suggest focus on electrical/power equipment manufacturing and distribution, but specific product lines and segment breakdowns are not available in the provided data.]
Iljin Electric demonstrates strong growth momentum. Revenue surged 26.5% year-over-year to KRW 1,577 billion in FY2024 (ending December 31, 2024) from KRW 1,247 billion in FY2023, marking consecutive annual growth from KRW 1,165 billion in FY2022.
Operating profitability improved significantly with operating profit reaching KRW 79.7 billion in FY2024, up 31.2% from KRW 60.8 billion in FY2023. Operating margin expanded to approximately 5.1% (2024) from 4.9% (2023), continuing recovery from 2.7% in FY2022. Net profit rose 33.7% to KRW 46.2 billion in FY2024 from KRW 34.5 billion in FY2023.
The balance sheet expanded substantially, with total assets growing 34.5% to KRW 1,249 billion (2024) from KRW 929 billion (2023). However, this growth was heavily debt-financed: total liabilities increased 34.2% to KRW 748.7 billion versus equity growth of 34.8% to KRW 500.3 billion. The debt-to-equity ratio stands at approximately 1.50x. Current liabilities rose sharply to KRW 606.5 billion from KRW 384.9 billion, while non-current liabilities declined to KRW 142.2 billion from KRW 172.9 billion, suggesting potential refinancing activity or working capital intensification.
The provided DART filing data does not include ownership or shareholder information. [TRANSLATION NOTE: No data available in this filing regarding controlling shareholders, major institutional investors, or foreign ownership percentage. This information would typically appear in separate disclosure sections not included in this dataset.]
Working Capital Pressure: Current assets increased 61.9% to KRW 702.2 billion while current liabilities surged 57.5% to KRW 606.5 billion, indicating the company is operating with a thin current ratio of approximately 1.16x and requiring substantial short-term financing to support rapid revenue growth.
Leverage Expansion Risk: The 34% year-over-year asset growth funded largely through debt creates refinancing risk, particularly given the concentration in short-term borrowings evidenced by the current liability buildup.
Iljin Electric offers exposure to Korea's electrical infrastructure buildout with accelerating revenue and margin expansion, but investors must weigh this growth against elevated leverage and working capital intensity that could pressure cash generation.
⚠️ This profile is AI-generated from DART filings. Quantitative data is reliable. Qualitative summaries should be verified against original Korean filings for investment decisions.