HDC Hyundai Development Company Sees 30% YoY Increase in Q1 Operating Profit Driven by Housing Business

"Profitability Expected to Improve
as Share of Self-Developed Housing Business Expands"

Driven by the performance of its housing projects, including Seoul One and Suwon I-Park City Complex 10, HDC Hyundai Development Company saw its first-quarter operating profit increase by 30% year-on-year.

Seoul One I-Park bird's-eye view. Provided by HDC Hyundai Development Company

HDC Hyundai Development Company announced on the 24th that its consolidated operating profit for the first quarter reached 54 billion KRW, up 29.8% from the same period last year. The operating margin was 6.0%.

Although revenue decreased by 5.2% year-on-year to 905.7 billion KRW, net profit for the period jumped by 77.8% to 54.2 billion KRW.

The significant increase in operating profit was driven by higher revenue from the company’s own project, Seoul One, and increased profit in the self-developed housing business segment, including the completion of Suwon I-Park City Complex 10.

HDC Hyundai Development Company stated, “We expect profitability to improve significantly this year as the proportion of our self-developed housing business increases,” adding, “With large-scale mixed-use development projects also underway, we anticipate a continued upward trend in our mid- to long-term performance.”

The company plans to systematically strengthen its financial soundness indicators, such as expanding cash-equivalent assets and maintaining a stable debt ratio.

HDC Hyundai Development Company also said, “We will work to enhance market trust through ongoing shareholder return policies and other initiatives.”