HD Hyundai Electric announced on the 20th that its consolidated operating profit for last year was tentatively estimated at 669 billion KRW, an increase of 112.2% compared to the previous year.
Sales reached 3.3223 trillion KRW, up 22.9% year-on-year. Net profit increased by 90.8% to 495.1 billion KRW.
Operating profit for the fourth quarter was 166.3 billion KRW, up 33.4% from the same period last year. Sales and net profit for the quarter were 815.7 billion KRW and 123.9 billion KRW, respectively.
Sales showed strong performance across all products. In particular, driven by robust demand in the North American market, sales of power equipment increased by 50.6% year-on-year, leading the growth trend.
Operating profit was boosted by rising product prices reflecting the boom in the power equipment market, along with improved profitability through selective order intake.
The annual order amount recorded 3.816 billion USD, exceeding the target of 3.743 billion USD. The order backlog increased by 28.8% year-on-year to 5.541 billion USD.
HD Hyundai Electric set this year’s order target at 3.822 billion USD and sales target at 3.8918 trillion KRW. With expanding power infrastructure investments and power demand related to data centers mainly in the North American market, the strategy is to maximize profitability through selective order intake and efficient production response.
Meanwhile, HD Hyundai Electric also announced plans to expand its domestic and overseas ultra-high voltage transformer production facilities. The plan includes constructing a new production plant utilizing existing land at the Ulsan site and building a second plant at its Alabama corporation in the United States to secure production capacity for 765kV ultra-high voltage transformers. The 765kV specification is currently the highest voltage handled in the U.S. The total investment amount is 396.8 billion KRW, and from 2028, when the investment effects are expected to materialize, annual sales are anticipated to increase by up to 300 billion KRW.
An HD Hyundai Electric official stated, “By expanding production capacity, we will respond promptly to the increasing demand for transformers and proactively prepare for changes in U.S. trade policies following the inauguration of the second Trump administration. Additionally, we will successfully complete the construction of the new low- and medium-voltage circuit breaker plant in Cheongju, scheduled for completion in the second half of this year, to strengthen competitiveness in the distribution equipment business.”
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