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Biz News Korea(Eng)
Kiturami Group revenue hits new milestone on diversified businesses
- Collected
- 2017.04.08
- Distributed
- 2017.04.10
- Source
- Go Direct
Visitors flock to Kiturami’s booth at Aqua-Therm Moscow 2017, the world’s largest exhibition of consumer and industrial equipment for heating, cooling and air conditioning systems, held in Moscow in February.
The company said on Thursday its group-wide revenue for last year reached 1.20 trillion won, surpassing 1 trillion won for the first time since its foundation. That’s a growth of more than four times from early 2000 when the company began to diversify its boiler business into cooling system, air conditioning and gas supply services.
Kiturami whose annual sales stood at 286 billion won in 2001 transformed itself into an integrated heating and cooling system developer as the nation’s boiler industry matured in the 2000s.
Heavy investment in research and development has led the company to successfully introduce a new lineup of high-efficiency and eco-friendly boilers that won the hearts of local consumers.
To explore new growth markets, Kiturami acquired several companies such as Bumyang Air Conditioning in 2006, Shinsung Engineering in 2008 and Century in 2009, expanding its business areas into industrial air conditioning, cooler, freezer systems and renewable energy systems. More recently, the company acquired Kangnam City Gas, advancing into energy supply beyond energy system development.
Group-wide sales climbed to 458.0 billion and in 2006 and 950.6 billion won in 2011 and surpassed 1 trillion won in 2016. The revenue structure became less sensitive to seasonal changes with operations of both cooling and heating system businesses.
By Jin Young-tae
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]