Hanwha Co., Ltd. Reports Operating Profit of 1.582 Trillion KRW Last Year, Up 41% YoY

[Asia Economy Reporter Hwang Yoon-joo] Hanwha Corporation announced on the 26th that its consolidated operating profit for last year reached 1.582 trillion KRW, a 41% increase compared to the previous year. Sales amounted to 50.9265 trillion KRW, up 1%, and net profit surged 220% to 740.5 billion KRW.

Despite the ongoing global economic downturn caused by the COVID-19 pandemic, operating profit and net profit significantly increased thanks to improved profitability of major subsidiaries in the finance, petrochemical, and defense sectors.

Hanwha Solutions saw a substantial rise in operating profit and net profit compared to the previous year due to stable earnings from petrochemical products and growth in renewable energy businesses such as solar power. Hanwha Life Insurance delivered excellent results driven by increased investment income and improved loss ratios, while Hanwha Aerospace achieved strong performance supported by the defense subsidiaries' favorable conditions and improved profitability in civilian businesses.

The outlook for this year anticipates steady performance and profitability improvements driven by growth in green new deal-related businesses such as solar power, hydrogen, and secondary batteries, following the government's strengthened eco-friendly policies, as well as a robust defense sector due to increased defense budgets and overseas exports.

Additionally, Hanwha Corporation plans to secure mid- to long-term growth engines by expanding investments in new businesses in the 4th industrial revolution and green new deal sectors throughout this year, and by accelerating its affiliates' aerospace businesses, including satellites and Urban Air Mobility (UAM).

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