Hanwha Aerospace announced results that exceeded market expectations, marking its first entry into the 'king stock' (a stock priced over 1 million won) category.
Hanwha Aerospace stocks traded at 1,015,000 won at 10:03 a.m. on the KOSPI market on the 31st. The stock price rose by 3.89% (38,000 won) compared to the previous day. Initially, it fell to 951,000 won but rebounded after the earnings announcement, reaching an intraday record high of 1,022,000 won.
Hanwha Aerospace announced its preliminary results for the second quarter of the year (April to June) on the same day, reporting sales of 6.2735 trillion won and an operating profit of 864.4 billion won. The operating profit surpassed the market forecast (724.1 billion won) by 19%.
In particular, the high operating profit margin (operating profit ÷ sales) stimulated investor sentiment. Hanwha Aerospace's overall operating profit margin for the second quarter was 13.8%, while the institutional sector of land defense reached 31.2%. Despite the drop in the won to U.S. dollar exchange rate, it remained above the overall operating profit margin for the first quarter (10.2%) and the operating profit margin for the land defense sector (26.1%).
An official from Hanwha Aerospace said, 'The second quarter continued robust growth thanks to strong performance in the land defense sector and stable results from Hanwha Ocean,' adding, 'We will expand orders mainly in the Middle East and Europe in the second half and secure new growth momentum through the success of the fourth launch of the Nuri.'