HD Hyundai Marine Solution Posts Q3 Operating Profit of KRW 95.7 Billion as Core Businesses Grow
Revenue rises 26.7% to KRW 650.1 billion
AM business posts record revenue for seventh consecutive quarter
Goltens acquisition to expand global operations
HD Hyundai Marine Solution posted increases in both revenue and operating profit in the third quarter of this year, driven by growing demand for ship maintenance and repair and growth in its core businesses.
HD Hyundai Marine Solution announced on October 26 that it recorded consolidated revenue of KRW 650.1 billion and operating profit of KRW 95.7 billion in the third quarter of this year. These figures were up 26.7% and 2.2%, respectively, from the same period last year.
Revenue from its core businesses, including the aftermarket (AM) business related to ship parts and services and its eco-friendly and digital solutions businesses, rose 18.4% year over year to KRW 356.5 billion. Revenue from its bunkering business also increased 38.5% to KRW 293.6 billion.
Revenue from the AM business, in particular, rose 15.7% year over year to KRW 282.7 billion, setting a record for the seventh consecutive quarter. The increase was driven by continued demand for ship and equipment maintenance and repair, which boosted revenue from ship parts, as well as revenue from land-based power generation, including a maintenance contract for power generation facilities in Ecuador.
Revenue from the eco-friendly solutions business rose 17.3% from the same period last year to KRW 39.3 billion. HD Hyundai Marine Solution plans to respond to demand for gas-fuel conversions and expand orders for carbon-reduction solutions.
Revenue from the digital solutions business rose 48.1% year over year to KRW 34.5 billion. The increase was driven by a rise in orders for digital solutions installed on ships as the number of newly built vessels grew.
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A representative of HD Hyundai Marine Solution said, "Even amid uncertainty in the external environment, our core businesses have grown across the board, giving us an even more stable business foundation." The representative added, "With the acquisition of Goltens expected to strengthen the competitiveness of our core AM business, we will further expand our presence in the global market."
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