Hanwha Systems Posts Record High Operating Profit of 112.1 Billion KRW Last Year

Sales of 2.0895 trillion KRW, up 27.2% YoY
Defense business drives performance... "Focusing on strengthening advanced technology"

[Asia Economy Reporter Lee Hyeyoung] Hanwha Systems achieved record-high sales and operating profit last year, driven by strong performance in its defense business.

Hanwha Systems announced on the 22nd that its consolidated operating profit for last year reached 112.1 billion KRW, a 20.7% increase compared to the previous year. Sales rose 27.2% year-on-year to 2.0895 trillion KRW, and net profit for the same period increased by 4.6% to 97.9 billion KRW.

Hanwha Systems' all-time best performance was led by large-scale mass production projects in the defense sector. The defense division recorded sales of 1.5135 trillion KRW through the third phase of mass production for the Tactical Information Communication Network (TICN) and the development and mass production of Identification Friend or Foe (IFF) equipment for aircraft.

The Information and Communication Technology (ICT) division achieved sales of 576 billion KRW by expanding external projects such as the Military Information Management System (MIMS) performance improvement project and next-generation solutions for insurance companies.

Order performance also reached an all-time high. In addition to exporting the 'Cheongung-II Multifunction Radar' worth approximately 1.3 trillion KRW to the United Arab Emirates (UAE), the total orders received last year amounted to 3.56 trillion KRW. The order backlog also increased by 32.3% from 4.4 trillion KRW in the year before last to about 5.82 trillion KRW.

This year, Hanwha Systems plans to focus its capabilities on securing core development projects in the defense sector, including the Korean Iron Dome known as the Long-range Artillery Missile Defense system (LAMD), the performance upgrade of communication radios (SATURN), and the development of a swarm-type micro SAR satellite system, while accelerating the exploration of global markets. The company also intends to diversify its business portfolio based on advanced IT services such as big data, artificial intelligence (AI), financial solutions, and specialized business solutions.

Additionally, Hanwha Systems is developing the 'Butterfly,' a future urban air mobility (UAM) vehicle known as an 'air taxi,' aiming to produce a prototype in the first half of next year. The company is also advancing satellite and antenna businesses based on its investment in the space internet company OneWeb.

Seongcheol Uh, CEO of Hanwha Systems, stated, "We will focus on enhancing corporate value by diversifying our business and actively investing in strategic projects based on a solid core business." He added, "We will strive to strengthen advanced technologies to create an era of hyper-connectivity, hyper-intelligence, and hyper-convergence, including future mobility and new space."

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