HD Hyundai Reports Record-High Q1 Results... Operating Profit Reaches 2.83 Trillion Won

Strong Performance Across Shipbuilding, Power Equipment, and Refining
Highest Operating Profit Since Holding Company Transition in 2017

HD Hyundai posted an operating profit in the first quarter of this year that more than doubled, marking its highest quarterly performance since transitioning to a holding company structure in 2017. This achievement was driven by improved profitability across its core businesses, including shipbuilding, construction equipment, refining, and power equipment.

On May 13, HD Hyundai announced that, on a consolidated basis, it recorded sales of 19.6019 trillion won and operating profit of 2.8348 trillion won in the first quarter of this year. Compared to the same period last year, sales increased by 14.7%, and operating profit surged by 120.4%.

HD Korea Shipbuilding & Offshore Engineering, responsible for the shipbuilding and offshore segment, reported sales of 8.1409 trillion won and operating profit of 1.356 trillion won, driven by increased sales of high-margin eco-friendly vessels and improved results in its engine and offshore divisions. The operating profit margin stood at 16.7%.

HD Hyundai Marine Solution, benefitting from growth in the aftermarket (AM) business and expansion of its bunkering operations, recorded sales of 574.6 billion won and operating profit of 93.4 billion won. The operating profit margin was 16.3%.

HD Hyundai Site Solution, the construction equipment segment, achieved sales of 2.3831 trillion won and operating profit of 207.5 billion won, supported by recovering global demand and growth in industrial engines. Earlier this year, HD Hyundai Construction Equipment and HD Hyundai Infracore merged, launching HD Construction Equipment.

HD Hyundai Oilbank, the energy division, recorded sales of 7.7155 trillion won and operating profit of 933.5 billion won, despite uncertainties such as heightened oil price volatility.

HD Hyundai Electric delivered sales of 1.0365 trillion won and operating profit of 258.3 billion won, bolstered by increased investment in North American power infrastructure and higher sales of rotating machinery.

A representative from HD Hyundai stated, "Profitability improved across all business segments, including shipbuilding, construction equipment, refining, and power equipment, resulting in strong performance. We will continue to enhance profitability through selective order intake, technological development, and process optimization."