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Hanwha Corp. sees 53.4% spike in operating profit in Q2

Hanwha Group Chairman Kim Seung-youn (Hanwha)
Hanwha Group Chairman Kim Seung-youn (Hanwha)

Hanwha Corp.’s operating profit surged 53.4 percent on-year to 769 billion won ($672.8 million) in the second quarter, backed by an earnings surprise from its affiliates, the company said Friday.

According to the holdings firm of South Korea’s seventh-largest conglomerate, Hanwha Group, its revenue jumped 15.2 percent to 12.6 trillion won and its net profit rose 63.1 percent to 572.1 billion won.

“Hanwha Solutions’ chemical division logged 2.8 trillion won in revenue, the greatest quarterly figure, while Hanwha Aerospace improved its profitability in both the military and civil sectors. Hanwha Life Insurance saw its operating profit and net profit surge 100 percent,” a Hanwha Corp. official said.

On top of the robust performance of its affiliates, Hanwha Corp.’s own businesses contributed to its stellar results. The sluggish demand for machinery amid the pandemic bounced back, improving the profitability of Hanwha Corp.’s machinery business. Also, its global petrochemical business benefited from the global recovery of oil demand.

By Kim Byung-wook (