Strong Performance Driven by Global Power Infrastructure Investment in North America and Beyond
"We Will Accelerate Diversification in the Global Market"
HD Hyundai Electric, a power equipment and energy solutions affiliate of HD Hyundai, reported strong results for the first quarter of this year.
On April 22, HD Hyundai Electric announced in a regulatory filing that its consolidated operating profit for the first quarter of this year reached KRW 218.2 billion, up 69.4% from the same period last year, based on preliminary figures. Revenue was KRW 1.0147 trillion, a 26.7% increase year-on-year. This is the first time that HD Hyundai Electric's quarterly revenue has exceeded KRW 1 trillion. Net profit rose 64.2% to KRW 153.4 billion.
HD Hyundai Electric stated that, driven by increased global investment in power infrastructure, particularly in North America, sales of power equipment and rotating machinery rose by 46.1% and 17.1%, respectively, compared to the same period last year. The company also posted an operating margin of 21.5%, attributing this to increased sales in the highly profitable North American market and the effectiveness of its selective order-taking strategy. Orders for the first quarter reached USD 1.335 billion, a 68.8% increase from the previous quarter. The total order backlog stood at USD 6.155 billion, up 11.0%.
A representative from HD Hyundai Electric stated, "Although global trade uncertainties persist due to the U.S. tariff measures, demand for power equipment in North America is expected to maintain stable growth, supported by the replacement of aging facilities and the expansion of artificial intelligence (AI) infrastructure," and added, "We plan to accelerate market diversification not only in North America but also in Europe and Asia by leveraging domestic and overseas production bases."
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