Hanwha Ocean's Operating Profit Reaches 237.9 Billion KRW Last Year... Returns to Profit After 4 Years

Sales Reach 10.776 Trillion KRW, Up 45.5% Year-on-Year
Revenue Growth Driven by High-Priced Projects Such as LNG Carriers

Hanwha Ocean announced on the 24th that its operating profit on a consolidated basis turned positive last year, reaching 237.9 billion KRW. This is the first time in four years since 2020 that Hanwha Ocean has posted an operating profit.

Hanwha Ocean Geoje Plant View. Provided by Hanwha Ocean

Sales increased by 45.5% year-on-year to 10.776 trillion KRW, and net profit rose by 228.2% to 525.1 billion KRW. Hanwha Ocean explained, "The increase in the proportion of high value-added vessels such as liquefied natural gas (LNG) carriers led to higher sales in the commercial ship division, and the special ship division also saw growth in sales and operating profit due to the full-scale new construction and overhaul projects for submarines."

In the fourth quarter of last year, sales rose 45.8% year-on-year to 3.2532 trillion KRW, and operating profit turned positive to 169 billion KRW compared to the same period last year. The company stated that the increase in operating days and sales from high-priced projects were reflected, and operating profits were recorded across all business sectors including commercial ships, special ships, and offshore.

Hanwha Ocean plans to continue stable growth this year through expanded construction of LNG carriers, new construction of three submarines, expansion of maintenance, repair, and overhaul (MRO) business in the U.S., and the launch of new offshore projects. A Hanwha Ocean representative said, "By overcoming previous delays in processes and steadily executing the full-scale construction of high value-added vessels, leading ultra-competitive and eco-friendly technologies, we will lead the global market based on solid fundamentals."