Hyundai Rotem Achieves Record Q3 Results with Operating Profit of 277.7 Billion Won, Up 102% YoY

Record-High Quarterly Performance

Hyundai Rotem, the railway, defense, and plant affiliate of Hyundai Motor Group, achieved its highest-ever quarterly performance in the third quarter of this year, driven by an increase in overseas orders. On November 3, Hyundai Rotem announced in a regulatory filing that its consolidated operating profit for the third quarter of this year was provisionally tallied at 277.7 billion won, up 102.1% from the same period last year.

K2 tank running test conducted at Hyundai Rotem factory located in Changwon, Gyeongnam. Hyundai Rotem

Revenue amounted to 1.6196 trillion won, marking a 48.1% increase compared to the same period last year. Net profit rose by 91.2% to 198.4 billion won. All three indicators-revenue, operating profit, and net profit-set new quarterly records.

A Hyundai Rotem official explained, "The increase in sales and profits, driven by higher production volumes for exports, led to record-high results." As a result, the order backlog as of the third quarter of this year reached 29.6088 trillion won, nearing the 30 trillion won mark. This represents a 36.8% increase (7.972 trillion won) compared to the previous quarter.

In particular, the order backlog in the defense sector surpassed 10 trillion won, following the signing of the second export contract for K2 tanks (worth 6.5 billion dollars) with the Polish Armaments Agency in August.

In the third quarter of this year, Hyundai Rotem maintained its "debt-free management" policy, with borrowings at 61.9 billion won and cash equivalents at 673.5 billion won. The debt ratio stood at 128%.

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