Hanwha Group's defense subsidiary Hanwha Systems announced on the 7th that its sales and operating profit hit an all-time high last year. Defense exports drove the improvement in performance.
Hanwha Systems reported that its 2024 sales reached 2.8 trillion won, a 14.3% increase from the previous year. During the same period, operating profit rose 78.9% to 219.3 billion won. Net profit was recorded at 445.2 billion won, up 29.8%.
Hanwha Systems stated that major projects drove revenue in the defense institutional sector, including the export of the United Arab Emirates' (UAE) Cheongung-II Multi Function Radar (MFR), the export of Poland's K2 fire control system, the fourth round of production for the Tactical Information Communication Network (TICN), which is a key military communication system, and the second round of production for the next-generation military radio TMMR (Tactical Multiband Multirole Radio).
In the ICT (Information and Communication Technology) institutional sector, external projects, such as the construction of the next-generation management system (ERP) by Hanwha Aerospace and the establishment of the Shinhan EZ General Insurance's next-generation system based on financial solutions, yielded results.
Hanwha Systems said it plans to solidify its performance this year by starting the first production of the Korean fighter jet (KF-21) Active Electronically Scanned Array (AESA) radar and continuing the export of existing UAE and Saudi Arabian Cheongung-II Multi Function Radars (MFR). Hanwha Systems noted that it will expand exports by showcasing the MFR and small Synthetic Aperture Radar (SAR) observation satellites, which have secured world-class competitiveness.