Hanwha Solutions(009830) said on the 29th that second-quarter operating profit on a consolidation basis rose 200.33% from a year earlier to 306.534 billion won.
Revenue for the same period increased 47.01% to 4.582655 trillion won, and net profit swung to a surplus of 292.871 billion won.
A Hanwha Solutions official said, "Despite rising external uncertainty, the main business areas of renewable energy, chemicals, and advanced materials posted a surplus for the second straight quarter."
By business area, the renewable energy area recorded revenue of 2.4823 trillion won and operating profit of 166.4 billion won. Revenue and operating profit increased on higher module selling prices, the sale of development assets, and a stable revenue base in the residential energy business.
The chemicals area posted revenue of 1.465 trillion won and operating profit of 87.1 billion won. Despite Middle East–origin geopolitical risks, it maintained a stable production and sales system by procuring ethylene and other raw materials in a timely manner, continuing its profit-making trend.
The advanced materials area reported revenue of 300.3 billion won and operating profit of 28.8 billion won. Profitability improved on continued strong sales of North American solar materials.
Lee Jae-bin, chief financial officer (CFO) of Hanwha Solutions, said, "Revenue in the residential energy business is expected to increase in the third quarter, and the renewable energy area is projected to maintain solid performance as the entire solar value chain at the Cartersville plant goes into full operation."