Latest news with #HanwhaAerospace
Korea Herald
9 hours ago
- Business
- Korea Herald
Hanwha Aerospace posts record Q2 earnings on defense, shipbuilding boom
Korea's leading defense contractor Hanwha Aerospace on Thursday reported a record-high second-quarter revenue of 6.27 trillion won ($4.5 billion), marking a 169 percent increase compared to the same period last year. Operating profit also surged 156 percent on-year to 864.4 billion won. 'The second quarter saw strong growth, driven by robust performance in the land defense sector and stable results from Hanwha Ocean,' a company official said. 'In the second half, we plan to expand our order book, with a focus on the Middle East and Europe while also advancing future growth engines following the successful fourth launch of the Nuri rocket.' The land defense division posted 1.77 trillion won in revenue and 554.3 billion won in operating profit, up 43 percent and 113 percent on-year, respectively. The company attributed the sharp profit increase to a combination of customer-requested delays in recognizing certain development and sales costs until the second half, and faster-than-expected production and delivery of Chunmoo, the self-propelled multiple rocket launch system, to Poland. With 51 units delivered in the first half alone, Hanwha Aerospace raised its full-year delivery guidance from 50 to 80 units. Its shipbuilding subsidiary Hanwha Ocean also contributed significantly, reporting 3.29 trillion won in revenue and 371.7 billion won in profit, led by strong demand for high-value liquefied natural gas carriers. Separately, the company is exploring an initial entry into the US ammunition market, potentially using part of the 4.2 trillion won it secured through a recent rights offering. However, it remains unclear whether this would be included in the Korean government's $350 billion investment pledge to the US, announced as part of a tariff agreement on the same day, the company said. Hanwha Aerospace added that it expects to be less impacted by the US tariff policy than other sectors like automobiles or steel, as much of the defense value chain is linked to countries such as the United Kingdom rather than directly to the US.
Korea Herald
17 hours ago
- Business
- Korea Herald
Hanwha Aerospace posts record Q2 earning on defense, shipbuilding boom
Korea's leading defense contractor Hanwha Aerospace on Thursday reported a record-high second-quarter revenue of 6.27 trillion won ($4.5 billion), marking a 169 percent increase compared to the same period last year. Operating profit also surged 156 percent on-year to 864.4 billion won. 'The second quarter saw strong growth, driven by robust performance in the land defense sector and stable results from Hanwha Ocean,' a company official said. 'In the second half, we plan to expand our order book, with a focus on the Middle East and Europe while also advancing future growth engines following the successful fourth launch of the Nuri rocket.' The land defense division posted 1.77 trillion won in revenue and 554.3 billion won in operating profit, up 43 percent and 113 percent on-year, respectively. The company attributed the sharp profit increase to a combination of customer-requested delays in recognizing certain development and sales costs until the second half, and faster-than-expected production and delivery of Chunmoo, the self-propelled multiple rocket launch system, to Poland. With 51 units delivered in the first half alone, Hanwha Aerospace raised its full-year delivery guidance from 50 to 80 units. Its shipbuilding subsidiary Hanwha Ocean also contributed significantly, reporting 3.29 trillion won in revenue and 371.7 billion won in profit, led by strong demand for high-value liquefied natural gas carriers. Separately, the company is exploring an initial entry into the US ammunition market, potentially using part of the 4.2 trillion won it secured through a recent rights offering. However, it remains unclear whether this would be included in the Korean government's $350 billion investment pledge to the US, announced as part of a tariff agreement on the same day, the company said. Hanwha Aerospace added that it expects to be less impacted by the US tariff policy than other sectors like automobiles or steel, as much of the defense value chain is linked to countries such as the United Kingdom rather than directly to the US. forestjs@
Korea Herald
2 days ago
- Business
- Korea Herald
Hanwha secures full control of Korea's Nuri rocket program
Hanwha Aerospace will be the first private company in Korea to secure full lifecycle capabilities for rocket development, the company said Wednesday. The nation's leading defense manufacturer signed a technology transfer agreement with the Korea Aerospace Research Institute, the state-run space agency, to acquire core technologies for the Korea Space Launch Vehicle-II, also known as Nuri. The transfer includes the rocket's design and technologies for manufacturing and launch operations. Under the agreement, Hanwha Aerospace also gains rights to produce and launch the Nuri rocket through 2032, the company said. "This technology transfer is a critical milestone for improving the nation's space industry capabilities. It provides us with the foundation to enhance the KSLV-II's technological capabilities and cost-effectiveness," said Son Jae-il, president and CEO of Hanwha Aerospace. "Our goal is to build a robust and globally competitive commercial launch service, solidifying our position as a leader in the new space era." The Nuri rocket, Korea's first domestically developed launcher, was completed in 2023 through a 14-year project involving over 300 local companies, including Hanwha Aerospace, which developed key components such as liquid rocket engines. With its successful launch in May 2023, placing a satellite weighing over one metric ton into orbit, Korea became the seventh country worldwide to independently achieve this level of launch capability. While the KARI led the first three Nuri rocket launches, Hanwha Aerospace is set to take the lead for the remaining three, scheduled for November 2026 and 2027. Hanwha Aerospace will continue collaborating closely with KARI to ensure a seamless transfer of operational know-how and accumulated experience. The company is positioning space transportation as a future growth engine and is exploring further involvement in areas such as launch service operations and space exploration industries. To achieve this, it aims to build a vertically integrated value chain by leveraging its expertise in land, sea and air defense systems — including aircraft engines, armored vehicles, self-propelled howitzers and submarine batteries. Its subsidiary Hanwha Systems contributes advanced capabilities in radar, data security and process technologies that support Korea's key defense programs like the Cheongung missile systems and the K9 howitzer. Additionally, Hanwha Aerospace has incorporated satellite manufacturer Satrec Initiative as a key subsidiary within its expanding space portfolio.
Korea Herald
18-07-2025
- Business
- Korea Herald
Hanwha Aerospace appoints Ben Hudson as new CEO for Europe and UK
Korean defense firm Hanwha Aerospace said Friday it has named Ben Hudson, the current CEO of Hanwha Defense Australia, to spearhead the company's operations in Europe and the UK. 'I am honored to join our European and UK leadership team at such a pivotal moment,' said Hudson. 'Hanwha's vision is centered on building sovereign capabilities to address today's and tomorrow's security challenges.' Prior to joining Hanwha, Hudson held senior executive roles at BAE Systems, Rheinmetall and General Dynamics, spending more than 15 years in Switzerland, Germany and the UK. A dual British-Australian citizen, he also served as an officer in the Australian Army and holds an MBA from London Business School. His appointment comes as Hanwha ramps up efforts to become a trusted defense partner in Europe, delivering localized, interoperable and rapid solutions to NATO allies. 'Ben's deep knowledge of European defense markets makes him the ideal choice,' said Michael Coulter, CEO of Hanwha Global Defense. 'This appointment marks the next phase of our multi-domestic strategy focused on trust, collaboration and shared security goals.' Hanwha is currently involved in several major defense programs in Europe, including supplying over 800 K9 self-propelled howitzers and 290 Chunmoo rocket launchers to countries including Poland, Norway, Finland, Estonia and Romania. The company has also delivered naval support ships to the UK and Norway, and is a key supplier of modular artillery charges to NATO partners.
Korea Herald
15-07-2025
- Business
- Korea Herald
Seoul shares up for 2nd day on tech gains despite tariff concerns
Seoul shares closed higher Tuesday, tracking overnight gains on Wall Street and boosted by technology stocks in the face of US President Donald Trump's latest tariff threats. The Korean won rose slightly against the US dollar. The benchmark Korea Composite Stock Price Index added 13.25 points, or 0.41 percent, to finish at 3,215.28. Trade volume was moderate at 415.06 million shares worth 11.94 trillion won ($8.6 billion). Decliners outnumbered gainers 510 to 364. Foreigners bought a net 212.29 billion won worth of shares, while institutions and individuals sold 20.8 billion won and 311.19 won stocks, respectively. Trump has notified key US trading partners of new tariff rates set to take effect Aug. 1 unless they offer improved terms in ongoing trade negotiations. "Trump has already sent a letter to South Korea notifying plans to impose 25 percent tariffs on South Korean products starting Aug. 1. The market had already priced in the news, causing no major jitters," Lee Kyoung-min, an analyst at Daishin Securities Co., said. Large-cap stocks were mixed. Market bellwether Samsung Electronics rose 1.92 percent to 63,700 won, and defense industry firm Hanwha Aerospace jumped 5.08 percent to 848,000 won. Leading shipbuilder HD Hyundai climbed 0.51 percent to 139,000 won, and leading shipping firm HMM gained 1.76 percent to 25,950 won. Among decliners, top carmaker Hyundai Motor fell 2.76 percent to 211,000 won, and leading steelmaker POSCO Holdings declined 0.16 percent to 321,000 won. The local currency was quoted at 1,380.20 won against the greenback at 3:30 p.m., up 1 won from the previous session. (Yonhap)
