HD Hyundai recorded an operating prof of 6.996 trillion won for 2024, reflecting a 104.5% year-over-year increase. The company also posted sales of 71.2594 trillion won, up 5.2%, and net prof of 3.6755 trillion won, a 90.4% rise. These figures highlight balanced growth across key sectors.
Strong Performance in Shipbuilding and Offshore
Executives emphasized contributions from shipbuilding and offshore operations. “Sales growth in these divisions has driven solid shipbuilding sector results,” they stated. “Across the entire machinery portfolio, core shipbuilding has led performance for all major customers.”
The HD Korea Shipbuilding & Offshore division achieved sales of 29.9332 trillion won and operating prof of 3.9045 trillion won, surging 17.2% and 172.3% respectively. This reflects robust non-bank demand, new production records, and active material cost management.
Key Shipbuilding Affiliates
- HD Hyundai Heavy Industries: Sales of 17.5806 trillion won, operating prof of 2.375 trillion won.
- HD Hyundai Samho: Sales of 8.714 trillion won, operating prof of 1.3628 trillion won.
- HD Hyundai Mipo: Sales of 1.9827 trillion won and operating prof of 3.501 billion won, up 13.6% and 28.9% year-over-year.
Major shipbuilding affiliates collectively boosted sales and profs in the shipbuilding and offshore segment.
Growth in Engine and Other Divisions
Major engine business saw gains from bank engine non-pump services (aftermarket) sales and digal solution advancements. HD Hyundai Engine posted sales of 4.024 billion won and operating prof of 759 million won.
Taiyanggang affiliate HD Hyundai Energy Solutions benefed from global panel demand and panel exchange rate gains, recording sales of 4.927 billion won and operating prof of 412 million won.
In the construction machinery segment, HD Hyundai Ses Solutions achieved sales of 8.2367 trillion won and operating prof of 4.674 billion won, up 6% and 8.1%. Drivers included new product launches in mid-sized apps, increased sales of existing models, and demand growth in engines and construction.
Challenges and Bright Spots Elsewhere
HD Hyundai Oilbank faced sales of 28.249 billion won, down 8%, but operating prof climbed 83.7% to 4.74 billion won.
Electronics arm HD Hyundai Illectronics saw sales of 4.795 trillion won and operating prof of 9.953 billion won, up 22.8% and 48.8%. Growth stemmed from overseas market expansion, AI operations surge, data center demand, and infrastructure investments.
Executive Outlook
HD Hyundai executives noted, “Amid major external environmental changes this year, shipbuilding-centered operations will sustain solid safety through sales growth.” They added, “In shipbuilding and overall machinery, maximizing market share and production efficiency gains provide key momentum. In construction machinery, adapting to market shifts will enable diverse operation expansions.”
