Hanwha Engine is showing strong performance in the early trading session following news of its excellent first-quarter results.
As of 9:16 AM on the 24th, Hanwha Engine is trading at 12,800 KRW, up 10.25% (1,190 KRW) compared to the previous trading day.
Earlier, Hanwha Engine announced on the 23rd that its preliminary figures for the first quarter of 2024 showed sales of 293.4 billion KRW and an operating profit of 19.4 billion KRW. This represents a 47.2% increase in sales and a 376.8% increase in operating profit compared to the first quarter of last year.
Lee Dongheon, a researcher at Shinhan Investment Corp., stated in a report on the same day, "As the service market becomes more authentic, expansion of the engine parts market is expected," adding, "There have been no significant changes since Hanwha's acquisition, and with HD Hyundai Heavy Industries and Sustine Engine maintaining an oligopoly in the shipbuilding engine market, joint benefits are anticipated during the growth phase of the shipbuilding industry."
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