HD Korea Shipbuilding & Offshore Engineering (009540), the intermediate holding company for HD Hyundai's shipbuilding division, achieved record-high results last year, driven by increased high-value vessel orders and improved productivity. Strong performance across shipbuilding subsidiaries combined with growth in the marine engine business pushed annual operating profit up nearly threefold year-over-year.
HD Korea Shipbuilding & Offshore Engineering disclosed on the 9th that consolidated revenue for last year reached 29.93 trillion won, up 17.2% from the previous year. Operating profit surged 172.3% to 3.90 trillion won. Both revenue and operating profit marked all-time highs.
By business segment, shipbuilding served as the main growth driver. Revenue rose 13.4% year-over-year to 25.04 trillion won, while operating profit jumped 119.9% to 3.31 trillion won, supported by increased construction volume, a higher share of high-priced vessel sales, and productivity improvements through process optimization. The engine and machinery division posted revenue of 4.29 trillion won and operating profit of 774.6 billion won, benefiting from higher marine engine sales, an expanded share of eco-friendly high-value engines, and improved engine parts performance. The offshore plant division achieved revenue of 1.02 trillion won through expanded work on existing projects, with operating profit turning to a 137.9 billion won surplus.
By subsidiary, HD Hyundai Heavy Industries (329180) led the strong results with revenue of 17.58 trillion won and operating profit of 2.04 trillion won. HD Hyundai Samho also maintained solid growth, posting revenue of 8.07 trillion won and operating profit of 1.36 trillion won. Additionally, marine engine subsidiary HD Hyundai Marine Engine recorded revenue of 402.4 billion won and operating profit of 75.9 billion won, while solar energy subsidiary HD Hyundai Energy Solution achieved revenue of 492.7 billion won and operating profit of 41.2 billion won.
During the earnings conference call, HD Korea Shipbuilding & Offshore Engineering announced plans to pay performance bonuses this month: 1,000% of base salary at HD Hyundai Samho, and approximately 800% each at HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Heavy Industries. Subcontractors will receive separate bonuses based on individual assessments.