Korea Aerospace Industries Ltd. (KAI), South Korea’s premier military aircraft manufacturer, has announced a remarkable achievement in its financial performance for 2023, registering its highest-ever consolidated revenue. The provisional figures reveal a 37% surge in revenue to 3,819.3 billion won ($2.89 billion), propelled by significant projects including the KF-21 development and exports of FA-50 fighter jets to Poland.
The company also reported substantial growth in profitability, with operating profit increasing by 75% to 247.5 billion won ($187.2 million) and net profit up by 91% to 221.8 billion won ($167.7 million) compared to the previous year. These gains are attributed to the steady advancement of the KF-21 indigenous fighter system development project and the resumption of T-50 series aircraft deliveries, which had been paused since early 2020. The delivery of 12 FA-50GF fighter jets to the Polish Air Force last year played a crucial role in bolstering KAI’s financial outcomes for 2023.
Although the specific export revenue from the FA-50GF jets to Poland has not been disclosed, market estimates suggest it is around $500 million. This significant export deal underscores KAI’s expanding presence in the global defense market and its ability to secure lucrative international contracts.
In light of these achievements, a KAI official emphasized the company’s resilience amidst global uncertainties and its commitment to driving sustainable growth. The focus for the future will be on realizing the ‘Global 2050 Vision’ declared last year, aiming to solidify KAI’s position as a leading aerospace and defense entity on the international stage. This vision involves expanding its product portfolio, enhancing technological capabilities, and securing more international partnerships to ensure long-term growth and competitiveness.
