LNG Ships, Submarines, and Offshore Sales Soar... Hanwha Ocean's Revenue Reaches 10.776 Trillion Won Last Year

Announcement of 237.9 Billion KRW Operating Profit
Solid Profits Recorded Across All Business Divisions

Hanwha Ocean (CEO Kim Hee-chul) reported achieving sales of 10.776 trillion KRW and an operating profit of 237.9 billion KRW last year.

Through its earnings announcement, Hanwha Ocean revealed on the 24th that its 2024 sales increased by 45.5% compared to the previous year, and operating profit turned positive for the first time in four years since 2020.

According to Hanwha Ocean, sales in the fourth quarter of 2024 reached 3.2532 trillion KRW, with an operating profit of 169 billion KRW. The increase in operating days and sales from high-priced projects contributed to a 20.4% rise in fourth-quarter sales compared to the third quarter's 2.2309 trillion KRW. Strong operating profits were recorded across all business sectors, including merchant ships, special ships, and offshore.

The merchant ship division saw sales rise and profitability recover due to an increased proportion of high value-added vessels such as LNG carriers. The special ship division experienced growth in sales and operating profit driven by full-scale new submarine construction and overhaul projects. In the offshore division, sales from deep-sea energy infrastructure and offshore wind installation vessels began in earnest, and one-time factors such as exchange rate increases were reflected in profits.

Hanwha Ocean is expected to maintain stable growth in 2025, influenced by the expansion of high value-added vessel construction such as LNG carriers, the construction of three new submarines, expansion of the US MRO business, and the commencement of new offshore projects.

A Hanwha Ocean representative stated, “We will overcome process delays, steadily execute the full-scale construction of high value-added vessels, lead with super-gap and eco-friendly technologies, strengthen our fundamentals, and continue to lead the global market.”