[News Space=Reporter seungwon lee] Hanwha Ocean (CEO Kim Hee-chul) announced its performance of annual sales of KRW 10.776 trillion and operating profit of KRW 237.9 billion for 2024. Sales in 2024 increased by 45.5% year-on-year. Operating profit turned to a surplus for the first time in four years since 2020.

Sales in the fourth quarter of 2024 were KRW 3.2532 trillion, and operating profit was KRW 169 billion. Reflecting the increase in operating days and sales from high-priced projects, sales in the fourth quarter of 2024 increased by 20.4% compared to sales in the third quarter (KRW 2.2309 trillion). Solid operating profit was recorded across all business divisions, including commercial ships, special ships, and marine.

The commercial ship division saw increased sales and profit and loss recovery as the proportion of high value-added ships such as LNG carriers increased. The special ship division saw increased sales and operating profit due to the full-scale submarine newbuilding and depot maintenance projects.

The marine business division achieved full-scale sales in the deep-sea energy infrastructure and offshore wind power installation vessel sectors, and one-time factors such as the effect of the rising exchange rate were reflected in profits.

Hanwha Ocean is expected to continue its stable growth in 2025, driven by the expansion of its construction of high value-added LNG carriers, the construction of three new submarines, expansion of its US MRO business, and the launch of new marine projects.

A Hanwha Ocean official said, “We will lead the global market based on substance by overcoming the delays in the process so far and smoothly carrying out full-scale construction of high value-added ships and leading ultra-gap and eco-friendly technologies.”