EcoPro BM is planning to double its spending on facilities this year to increase its production capacity for battery cathodes.
The company said on Friday in its earnings call for the fourth quarter that, for the entire year of 2022, it recorded 5.35 trillion won in revenue and 382.5 billion won in operating income last year.
Revenue and operating income jumped 261% and 232%, respectively, from 2021, EcoPro BM said.
It credited the high growth of the global electric vehicle market that increased its sales of cathode used in batteries.
EcoPro BM said it plans to spend 1.4 trillion won on facilities this year, nearly double the 720 billion won it spent in 2022.
It plans to start construction of a new factory called CAM8 during the first quarter and CAM9 during the third quarter.
These two factories will start production sometime in the second half of 2024, the company said.
Its first overseas cathode factory at Hungary and another in the US will start production in 2025.
For its total annual output, EcoPro BM expects to reach 190,000 metric tonnes this year.
EcoPro BM also said it is aiming for a revenue of 10 trillion won this year.