Hanwha Co., Ltd., Earnings Surprise for Two Consecutive Quarters

[Asia Economy Reporter Hwang Yoon-joo] Hanwha Corporation announced on the 13th that its consolidated operating profit for the third quarter of this year reached 636.1 billion KRW, a 64.1% increase compared to the previous year. During the same period, sales decreased by 10.1% to 11.6724 trillion KRW, while net profit increased by 36.6% to 410.3 billion KRW.

Despite the ongoing global economic downturn caused by the COVID-19 pandemic, operating profit and net profit showed significant growth compared to the same period last year, continuing strong performance throughout the year.

Operating profit rose 64.1% year-on-year, driven by strong results from Hanwha’s own businesses as well as key subsidiaries in finance, petrochemicals, and defense sectors, exceeding market expectations by more than 50% for the second consecutive quarter. Net profit also increased by 36.6%.

Hanwha’s own businesses saw operating profit increase by 82.6% due to strong performance in defense and explosives sectors. Hanwha Solutions also recorded significant increases in operating profit and net profit compared to the previous year, thanks to improved profitability in its chemical division. Hanwha Life Insurance demonstrated excellent results due to increased investment income and improved loss ratios, while Hanwha Aerospace showed strong performance driven by growth in its defense subsidiaries.

Although uncertainties related to COVID-19 remain in the fourth quarter, steady performance from Hanwha’s own businesses, improved solar power results from Hanwha Solutions, and continued strength in defense affiliates are expected. Additionally, Hanwha Corporation plans to focus on securing mid- to long-term growth engines by strengthening its own businesses related to the 4th Industrial Revolution and Green New Deal, as well as expanding new businesses within its affiliates.

This content was produced with the assistance of AI translation services.