Hyundai Samho Heavy Industries Holds 25th Annual General Meeting of Shareholders... The Only Company in the Industry to Return to Profit

Final Approval of Four Agenda Items Including Director Appointment

Hyundai Samho Heavy Industries, a subsidiary of HD Hyundai, became the first major shipbuilding company to return to profitability last year.

On the 27th, Hyundai Samho Heavy Industries held its 25th regular shareholders' meeting at Hotel Hyundai (Mokpo) to report last year's performance and give final approval to the major agenda items proposed for this year.

Hyundai Samho Heavy Industries held the 25th regular general meeting of shareholders.
[Photo by Hyundai Samho Heavy Industries]

According to the 2022 business report presented that day, Hyundai Samho Heavy Industries achieved KRW 4.6464 trillion in sales, an operating profit of KRW 17.7 billion, and a net profit of KRW 2.9 billion last year, turning a profit thanks to increased ship prices, a strong dollar exchange rate, and the resale of inventory vessels.

This return to profitability is the first in three years since 2019 and was the only case in the industry last year.

Meanwhile, at the shareholders' meeting, four agenda items were finally approved: △approval of financial statements △appointment of directors △appointment of audit committee members △approval of director remuneration limits.

President Shin Hyun-dae was appointed as an inside director, while Jeong Do-sam, auditor of the Orion Foundation, and Lee Jang-young, advisor at Kim & Chang law firm, were appointed as outside directors and audit committee members.

Kim Sung-jun, head of the Future Technology Research Institute at Korea Shipbuilding & Offshore Engineering, was named as an other non-executive director.

President Shin Hyun-dae said, “After a long downturn in the shipbuilding industry, we succeeded in turning a profit last year, laying the foundation for another leap forward. We will become a ‘Future Builder’ leading the global future ship market based on the best quality, optimal delivery times, and strengths in eco-friendly ships.”