Hanwha Aerospace (012450) achieved record earnings for the third consecutive year, driven by export growth in its land defense systems division and improved profitability in its aerospace segment.
The company reported revenue of 26.61 trillion won and operating profit of 3.03 trillion won for 2024, up 137% and 75% year-over-year respectively, according to a regulatory filing on January 9.
The results reflect steady growth in both land defense and aerospace divisions, as well as the first full-year consolidation of subsidiary Hanwha Ocean (042660).
The land defense division posted revenue of 8.13 trillion won, doubling its size over the past two years. Operating profit in this segment surpassed 2 trillion won for the first time, reaching 2.01 trillion won. The company secured major export contracts last year, including K9 self-propelled howitzers for Norway and Chunmoo multiple rocket launchers for Estonia. Domestically, Hanwha Aerospace signed production contracts worth 930 billion won for the Long-range Surface-to-Air Missile (L-SAM) system and Chungum air-to-ground missiles for light armed helicopters. The land defense division's order backlog stood at approximately 37.2 trillion won as of the end of 2025.
The aerospace division recorded revenue of 2.51 trillion won, supported by increased military orders and productivity improvements. The segment returned to profitability with operating profit of 2.3 billion won, maintaining three consecutive years of growth.
Subsidiary Hanwha Ocean reported revenue of 12.69 trillion won and operating profit of 1.11 trillion won.
"2025 marks the first year of our transformation into an integrated company spanning defense and shipbuilding, with Hanwha Ocean's results now fully consolidated," a Hanwha Aerospace spokesperson said. "This year, we will continue to pioneer global markets and pursue sustainable growth based on our diversified product portfolio."