Hanwha Ocean, the South Korean shipbuilder, reporting an operating profit of 237.9 billion won ($173 million) in 2024. This marks the company's first annual profit since 2020 and follows its acquisition by the Hanwha Group in 2023.
Sales for the year reached 10.776 trillion won, a 45.5% increase compared to the previous year. Net profit also surged to 52.51 billion won, a 228.2% increase from the prior year.
"The sales in the fourth quarter increased by 20.4% from the sales in the third quarter," Hanwha Ocean stated. "We recorded solid operating profit across all business sectors, including merchant ships, special ships, and oceans."
The company attributed its strong performance to several factors, including increased sales of high-value ships like LNG carriers and the commencement of new submarine construction projects.
"The merchant ship division saw its sales rise and profits recover as the proportion of LNG carriers, which are high value-added ships, increased," Hanwha Ocean explained. "The special ship division saw its sales and operating profit increase due to the full-fledged submarine principle and window maintenance project."
The company also cited the impact of rising exchange rates and strong sales from the deep-sea energy infrastructure and offshore wind power installation lines.