HD Hyundai smashes Q2 forecasts as shipbuilding, refining power surge
HD Hyundai, buoyed by improved results across key businesses including shipbuilding, refining, construction equipment, and power equipment, posted the highest quarterly operating profit since shifting to a holding company structure in 2017. HD Hyundai said on the 31st that under consolidation in the second quarter this year, it posted revenue of 22.4094 trillion won and ...
HD Hyundai exceeded market expectations in the second quarter, posting record revenue and profit across key business units. The company's consolidated revenue reached 22.4094 trillion won, a 30.2% increase year-over-year, while operating profit soared to 4.1246 trillion won, a remarkable 262.2% rise. Notably, quarterly revenue and profit surpassed securities consensus forecasts by 12% and 85.8%, respectively.
HD Hyundai's net profit climbed 550.2% from a year earlier, reflecting strong performance in various sectors. Shipbuilding and offshore business, particularly HD Korea Shipbuilding & Offshore Engineering, led the charge with 8.927 trillion won in revenue and 1.6451 trillion won in operating profit, up 20.2% and 72.5% from the previous year.
HD Hyndai Marine Solution and HD Hyundai Oilbank also delivered solid results, with the latter's oil and petrochemical operations bouncing back despite global market volatility. HD Hyundai Electric saw double-digit growth in power distribution revenue and improved profitability overseas. The company's official emphasized their focus on high-value-added orders, market expansion, and product mix improvements to maintain profitability.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
