LIG Nex1 Breaks KRW 3 Trillion Revenue Mark in Defense Industry After 20 Years

[Korea Financial Times, Shin Haeju] LIG Nex1 (CEO Shin Ik-hyeon) achieved its highest-ever financial performance last year. Since entering the defense industry in July 2004, the company has surpassed KRW 3 trillion in annual revenue for the first time, while also recording its highest operating profit to date, exceeding KRW 2 trillion.

According to the company’s disclosure on the 14th, LIG Nex1’s consolidated revenue for 2024 reached KRW 3.2771 trillion, a 42% increase from the previous year. Operating profit also saw a 23.8% rise, reaching KRW 230.8 billion.

The surge in performance was largely driven by the boom in defense exports. Overseas sales soared by 41.95% year-over-year, reaching KRW 774.7 billion. The proportion of export revenue in total sales also climbed from 15.5% to 23.6%, an 8.1 percentage-point increase. Notably, exports of guided weapons, including the Cheongung-II system to the United Arab Emirates (UAE), played a significant role in this growth.
Domestic sales also grew by 28.32% year-over-year to KRW 2.5024 trillion, though their overall share in total revenue declined from 84.5% to 76.4%.

At the end of last year, LIG Nex1’s order backlog stood at KRW 20.1419 trillion, marking a 2.8% increase from the previous year. However, new orders for the year totaled KRW 4.5552 trillion, a sharp 52.49% decline compared to the previous year.


LIG Nex1 attributed its strong performance to the increased revenue share of mass production programs, particularly in guided weaponry such as the Haegung, Baemsangeo, and TMMR systems, as well as command and control and surveillance reconnaissance projects.

Looking ahead, LIG Nex1 plans to strengthen its foundation for sustainable growth by expanding its export market across North Africa, the Middle East, and Asia, while advancing integrated air defense networks and hybrid manned-unmanned solutions for land, sea, and air operations.
Shin Haeju (hjs0509@fntimes.com)