Iljin Electric finalizes lower-value Singapore cable supply contract

Iljin Electric has finalized the value of a high-voltage cable supply contract in Singapore at 81.2 billion won, lowering it from the amount initially agreed for the project, according to a corrected regulatory filing.

The agreement was awarded on June 16, 2022, to supply high-voltage cables to Singapore Power Authority (SP Group), identified as the contract counterparty in the filing. Singapore was the sales and supply region recorded for the NDC312 cable contract in the amended disclosure by Iljin Electric.

The project period started on the award date and concluded on July 30, the point at which the company recorded the revision in the corrected disclosure. The amendment followed SP Group's confirmation that construction had been completed and that the final amount had been established for the cable project.

The full turnkey project provided for payment 35 days after progress claims and included neither a contract deposit nor an advance payment.

The final figure replaces an original amount of 94.9 billion won, which corresponded to 10.2 percent of Iljin Electric's most recently reported annual revenue.

The revised sum represents 8.7 percent of annual revenue of 932 billion won for the year ended 2021, the benchmark cited for the contract.

For the adjustment, the company cited a conversion exchange rate of 931 won in the corrected disclosure covering the Singapore cable contract and its final value.

The company's product range includes low-, high- and ultra-high-voltage wire, as well as transformers, circuit breakers and other heavy electrical equipment. The company also supplies turnkey transmission, substation and power systems, alongside the electrical products in its stated main business.

In the first quarter of 2026, the wire business generated revenue of 384.7 billion won, roughly unchanged from the corresponding period one year earlier. Heavy electrical equipment revenue reached 120.7 billion won in the quarter, up about 61 percent compared with the year-earlier period.

Domestic revenue rose about 27 percent from a year earlier to 361.2 billion won in the first quarter of 2026. Revenue in the Americas was 63 billion won, as reported in the company's regional revenue breakdown for that same quarter.

Iljin Electric cited AI data-center construction and the spread of electric vehicles among factors increasing demand for ultra-high-voltage power lines. Investment in renewable energy and replacement of aging power grids in the United States and Europe were also cited as demand drivers.

A CRU forecast cited in the company's business disclosure projects that the global ultra-high-voltage power line market will grow between 2025 and 2030.

Iljin Electric said it is focused on increasing the share of overseas revenue through turnkey orders in its overseas business. The company said it has entered more than 80 countries worldwide as part of its overseas business strategy.