Seoul: LIG Nex1 Co., a South Korean manufacturer specializing in precision-guided missiles and weapons, announced on Thursday that its net income for the first quarter rose by 36.6 percent compared to the previous year. This increase was driven by strong domestic demand for guided weapons and defense electronics systems.

According to Yonhap News Agency, LIG Nex1's net profit for the period from January to March amounted to 82.8 billion won (US$59.3 million), up from 49.8 billion won in the same period last year. The company's operating profit saw a significant rise of 69.6 percent year-on-year, reaching 113.6 billion won, while sales increased by 18.9 percent to 907.6 billion won.

The company attributed its improved performance to heightened production and demand for key defense systems, such as the Cheongung-II missile system, along with surveillance and electronic warfare systems. Domestic sales represented 82.3 percent of the total sales, with the remaining 17.7 percent coming from exports. As of the end of March, LIG Nex1's order backlog stood at 22.88 trillion won, marking a 14.1 percent increase from the end of the previous year.

LIG Nex1 stated its intention to continue building on its growth by expanding into markets across North Africa, the Middle East, and Asia, in addition to advancing its unmanned and manned defense systems. A company official emphasized their commitment to strengthening their sustainable growth engine by exploring future defense and overseas markets.