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Korea Herald
2 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
11 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
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.
Iraqi News
10-06-2025
- Business
- Iraqi News
South Korea in ‘final stages' to sign major tank deal with Poland
Seoul – South Korea is in the 'final stages' of negotiations to potentially sign a major deal to supply K2 tanks to Poland, according to South Korea's Defense Acquisition Program Administration on Tuesday. In 2022, the two countries signed a $13.7 billion arms deal — Seoul's largest to date — which included South Korean K2 tanks and fighter jets for Poland, Ukraine's ally and neighbour. The negotiations for the potential upcoming deal — part of the broader 2022 agreement — are 'in the final stages, with both governments and companies working to expedite its conclusion', an official from South Korea's Defense Acquisition Program Administration told AFP. While the agency did not disclose the amount, it said if signed, the deal would be the 'largest ever based on a single weapon system'. South Korea's Yonhap news agency reported that the potential deal is worth around $6 billion, with the country's Hyundai Rotem set to manufacture 117 tanks and Poland's state-owned Polish Armaments Group producing 63 locally. Yonhap reported that the signing ceremony is scheduled to take place in late June in Poland, but the Defense Acquisition Program Administration said the 'signing schedule for the second contract has not yet been finalised'. 'This contract includes provisions such as local production and technology transfer, which have required a significant negotiation period,' it said in a statement. The contract was originally expected to be signed late last year, according to Yonhap, but was delayed due to issues including political turmoil in South Korea following the brief declaration of martial law in December. South Korea has emerged as a major player in global defence exports, as Moscow's invasion of Ukraine created opportunities for its industry to secure large-scale contracts across Europe and the Middle East. It has signed major arms deals with countries such as Poland and Romania, including the export of K9 Howitzers and Chunmoo missile systems. South Korea's President Lee Jae-myung, who took office last week, has vowed a more dovish approach towards Pyongyang — an ally of Russia — compared with his predecessor Yoon Suk Yeol. The nuclear-armed North, which technically remains at war with the South, has recently bolstered military ties with Russia. Pyongyang sent at least 14,000 troops to support Moscow's war in Ukraine, and officially declared the South an enemy state.
Time of India
10-06-2025
- Business
- Time of India
South Korea in 'final stages' to sign major tank deal with Poland
AI- Generated Image South Korea is in the "final stages" of negotiations to potentially sign a major deal to supply K2 tanks to Poland, according to South Korea's defence Acquisition Program Administration on Tuesday. In 2022, the two countries signed a $13.7 billion arms deal -- Seoul's largest to date -- which included South Korean K2 tanks and fighter jets for Poland, Ukraine's ally and neighbour. The negotiations for the potential upcoming deal -- part of the broader 2022 agreement -- are "in the final stages, with both governments and companies working to expedite its conclusion", an official from South Korea's defence Acquisition Program Administration told AFP. While the agency did not disclose the amount, it said if signed, the deal would be the "largest ever based on a single weapon system". South Korea's Yonhap news agency reported that the potential deal is worth around $6 billion, with the country's Hyundai Rotem set to manufacture 117 tanks and Poland's state-owned Polish Armaments Group producing 63 locally. Yonhap reported that the signing ceremony is scheduled to take place in late June in Poland, but the defence Acquisition Program Administration said the "signing schedule for the second contract has not yet been finalised". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 3BHK Transformation Possible for ₹4.5 Lakh? HomeLane Get Quote Undo "This contract includes provisions such as local production and technology transfer, which have required a significant negotiation period," it said in a statement. The contract was originally expected to be signed late last year, according to Yonhap, but was delayed due to issues including political turmoil in South Korea following the brief declaration of martial law in December. South Korea has emerged as a major player in global defence exports, as Moscow's invasion of Ukraine created opportunities for its industry to secure large-scale contracts across Europe and the Middle East. It has signed major arms deals with countries such as Poland and Romania, including the export of K9 Howitzers and Chunmoo missile systems. South Korea's President Lee Jae-myung, who took office last week, has vowed a more dovish approach towards Pyongyang -- an ally of Russia -- compared with his predecessor Yoon Suk Yeol. The nuclear-armed North, which technically remains at war with the South, has recently bolstered military ties with Russia. Pyongyang sent at least 14,000 troops to support Moscow's war in Ukraine, and officially declared the South an enemy state.
