Sales of 16.5144 trillion KRW... 8.1% increase compared to the previous year
HD Hyundai announced on the 25th that it recorded consolidated sales of KRW 16.5144 trillion and operating profit of KRW 793.6 billion in the first quarter. Compared to the same period last year, sales increased by 8.1% and operating profit rose by 48.8%.
HD Hyundai explained, "This was due to solid performance across major businesses such as refining and power equipment, along with the shipbuilding division maintaining a profitable trend."
Jeong Gi-seon, Vice Chairman of HD Hyundai, is delivering the keynote speech at 'CES 2024,' the world's largest electronics and IT exhibition, held at The Venetian Hotel in Las Vegas, USA, last January. [Photo by Yonhap News]
In the shipbuilding and marine sector, HD Korea Shipbuilding & Offshore recorded sales of KRW 5.5156 trillion, up 13.9% from the same period last year. Sales of high value-added vessels such as eco-friendly dual-fuel ships were fully reflected in the results. Operating profit reached KRW 160.2 billion, achieving a profit for four consecutive quarters.
HD Hyundai Heavy Industries, a subsidiary of HD Korea Shipbuilding & Offshore, posted sales of KRW 2.9877 trillion, up 13.5% year-on-year; HD Hyundai Mipo recorded KRW 1.005 trillion, a 10% increase; and HD Hyundai Samho achieved KRW 1.7056 trillion in sales, up 22.7%. In particular, HD Hyundai Samho posted a robust operating profit of KRW 186.4 billion, a 223.6% increase compared to the same period last year.
In the energy sector, HD Hyundai Oilbank recorded sales of KRW 7.8788 trillion and operating profit of KRW 305.2 billion, up 6.5% and 17.8% respectively from the same period last year, driven by rising oil prices and refining margins.
In the construction machinery sector, HD Hyundai Site Solutions saw sales and operating profit decline due to a tightening trend in the global construction machinery market amid a high-interest-rate environment, recording KRW 2.2029 trillion and KRW 162.9 billion, down 7.2% and 29.7% year-on-year, respectively.
HD Hyundai Electric recorded sales of KRW 801 billion, a 40.9% increase year-on-year, supported by the expansion of power infrastructure. Operating profit reached KRW 128.8 billion, up 178.2%.
HD Hyundai Marine Solutions posted sales of KRW 383 billion, up 19.3% from the same period last year, driven by strong performance in the ship parts service business due to strengthened eco-friendly regulations and expansion of digital control businesses such as smart ship operation management and automation solutions. Operating profit increased by 13.2% to KRW 51.5 billion.
An HD Hyundai official stated, "As eco-friendly high value-added ship orders continue in the shipbuilding division and the refining and power equipment markets show stable trends, we plan to strengthen efforts to expand profitability going forward."
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