Daehan Shipbuilding(439260) increased operating profit by more than 50% in the second quarter from a year earlier on the back of productivity gains from repeated construction of its main ship type. The operating margin was 26.9%, staying in the 20% range for the seventh straight quarter.
Daehan Shipbuilding said on the 30th that it posted 354.4 billion won in sales and 95.2 billion won in operating profit on a consolidation basis in the second quarter. Sales rose 19.7% and operating profit increased 52.3% from a year earlier. Net profit came to 78.7 billion won, up 80.1%.
Compared with the securities consensus compiled by FnGuide, sales beat the forecast by 5.4%, while operating profit missed by 1.2%.
With operating profit growing faster than sales, the operating margin rose 5.8 percentage points to 26.9% in the second quarter from 21.1% a year earlier. The result reflects improved work efficiency from repeatedly building Suezmax tankers, the main ship type, along with gains from better management control.
Daehan Shipbuilding recorded an operating margin close to 27% for three consecutive quarters, following 27.2% in the fourth quarter of 2025 and 26.8% in the first quarter of 2026. It has maintained an operating margin in the 20% range for seven straight quarters since the fourth quarter of 2024.
Cumulative first-half sales were 662.7 billion won, up 9.8% from a year earlier. Cumulative operating profit was 177.9 billion won, up 34.6%, and the first-half operating margin was 26.8%. Cumulative net profit was 156.1 billion won, up 49.8%.
The financial structure also improved. As of the end of June, retained earnings were 567.3 billion won, up 106.5 billion won from 460.8 billion won in the same period.
Order intake also set an annual record high. As of the end of July, Daehan Shipbuilding had won orders for 17 ships worth about 2.25 trillion won. A Daehan Shipbuilding official said, "We plan to continue selective order-taking focused on profitability based on the secured backlog."