HD Hyundai Electric Reports Q2 Operating Profit of 209.1 Billion Won, Down 0.5% Year-on-Year

Sales Down 1.2% Year-on-Year
Second Quarter Orders Up 13.2%

HD Hyundai Electric, a power equipment and energy solutions affiliate of HD Hyundai, announced on July 22 that its consolidated operating profit for the second quarter of this year was provisionally estimated at 209.1 billion won, a 0.5% decrease compared to the same period last year.

Sales for the second quarter of this year amounted to 906.2 billion won, down 1.2% from the same period last year.

However, HD Hyundai Electric explained that, amid continued global expansion of power infrastructure investment, sales of power equipment increased by 28.2% year-on-year. Sales of distribution equipment decreased by 24.4% compared to the same period last year, which the company attributed to a base effect from approximately 70 billion won in energy storage system (ESS) sales that occurred temporarily last year.

HD Hyundai Electric CI

The operating margin for the second quarter of this year was 23.1%. After entering the 20% range at 20.1% last year and recording 21.5% in the first quarter of this year, the margin has been on an upward trend.

Order intake for the second quarter reached 996 million dollars, up 13.2% year-on-year, with a cumulative total of 2.331 billion dollars for the first half of the year. The order backlog stood at 6.55 billion dollars, a 24.7% increase compared to the same period last year.

A representative from HD Hyundai Electric stated, "We achieved stable growth thanks to expanding global demand for power equipment infrastructure and the trend toward eco-friendly energy transition," adding, "We will continue to deliver solid results in the second half of the year through strategic orders focused on high value-added products and efficient business operations."