HD Korea Shipbuilding & Marine Engineering, the intermediate holding company of HD Hyundai's shipbuilding division, continued to be profitable for six consecutive quarters.
HD Korea Shipbuilding & Marine Engineering announced its performance for the third quarter of 2024 on the 31st. Consolidated sales were KRW 6.2458 trillion and operating profit was KRW 398.4 billion, which is an increase of 24.6% and 477.4%, respectively, compared to the same period last year.
Despite a decrease in operating days due to seasonal factors, both sales and operating profits of shipbuilding subsidiaries continued to be strong due to the expansion of the proportion of high value-added ships and improved productivity.
In particular, HD Hyundai Heavy Industries led the performance improvement, recording KRW 3.6092 trillion in sales and KRW 206.1 billion in operating profit, a significant increase compared to the same period last year. Compared to the previous year, sales increased by 26.5% and operating profit increased by 1,497.7%. HD Hyundai Samho and HD Hyundai Mipo also recorded sales of KRW 1.6435 trillion and KRW 1.0776 trillion, and operating profits of KRW 177.6 billion and KRW 35.2 billion, respectively, contributing to HD Korea Shipbuilding & Marine Engineering's continued surplus trend.
In addition, HD Hyundai Marine Engine, a marine engine affiliate, recorded sales of KRW 52.7 billion and operating profit of KRW 5.4 billion, and HD Hyundai Energy Solutions, a solar energy affiliate, recorded sales of KRW 100.6 billion and operating profit of KRW 3.4 billion.
Looking at each business sector, sales in the shipbuilding division increased by 28.4% compared to the same period last year to KRW 5.3226 trillion, and operating profit increased by 406.4% to KRW 378.2 billion.
The engine machinery division recorded sales of KRW 865 billion, up 44.3% from the same period last year, reflecting the increase in volume and performance after the consolidation of HD Hyundai Marine Engine. Operating profit increased by 33.2% to KRW 102.4 billion as the proportion of eco-friendly, high-value-added engines increased.
The offshore plant division also recorded sales of 183.5 billion won and operating profit of 2.2 billion won due to increased volume.
An official from HD Korea Shipbuilding & Marine Engineering said, “We are continuing to see solid performance due to the increase in the volume of high value-added ships and strong engine profitability,” and “Based on a stable order backlog, we will continue to lead the market by upgrading eco-friendly technology and building a smart shipyard.” revealed.
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