SEOUL– Korea Aerospace Industries Ltd. (KAI), South Korea’s sole aircraft manufacturer, said Tuesday its net profit more than doubled in 2022 from a year earlier on a weak won and increased orders for its plane parts.
Net profit jumped to 115.9 billion won (US$91 million) last year from a profit of 53.3 billion won the previous year, the company said in a regulatory filing.
“The bottom line was buoyed on increased plane parts deliveries to clients, such as Airbus and Boeing, and the won’s weakness against the dollar,” a company spokesperson said over the phone.
The dollar rose to an average of 1,292.16 won in 2022 from 1,144.42 won a year ago, according to the Bank of Korea. A weak won drives up the value of dollar-denominated deals for an exporter when converted into the local currency.
Its operating profit also more than doubled to 142 billion won from 58.3 billion won over the cited period. Sales rose 8.8 percent to 2.78 trillion won from 2.56 trillion won.
In 2023, KAI targets 3.83 trillion won in sales and to win 4.48 trillion won in parts and aircraft orders.
Last year, the company set an order target of 4.19 trillion won but achieved far higher, 8.74 trillion won.
Source: Yonhap News Agency