Hanwha Ocean announced on the 24th that it recorded an operating profit of 237.9 billion won last year, achieving a profit turnaround for the first time in four years since 2020.
During the same period, sales reached 10.776 trillion won, an increase of 45.5% compared to the previous year, while net profit for the period was 52.51 billion won, a 228.2% increase from 16 billion won in the prior year.
In the fourth quarter of last year, operating profit was 169 billion won, marking a profit turnaround compared to the same period of the previous year, while sales increased to 3.2532 trillion won, a rise of 45.8%. Quarterly net profit also rose by 101.5% to 57.63 billion won.
Hanwha Ocean explained that revenue increased due to more operating days and sales from high-value projects, achieving solid operating profits across all institutional sectors, including commercial ships, special ships, and offshore.
By institutional sector, the commercial ship division saw a rise in revenue and recovery in profitability as the proportion of LNG carriers, which are high-value vessels, increased.
The special ship division reported increased revenue and operating profit due to the significant impact of new submarine construction and overhaul projects, while the offshore division saw a boost in sales from the full-scale installation of deep-sea energy infrastructure and offshore wind power installation vessels, with one-time factors such as exchange rate increases also reflected in profits.
A representative from Hanwha Ocean noted, "By overcoming past delays and executing the full-scale construction of high-value ships and leading exceptional and eco-friendly technologies without setbacks, we aim to lead the global market based on our strength."