Hanwha Engine (082740) Q2 2024 earnings summary

Executive summary

• Q2 sales reached W286.5bn, up 51.5% YoY; operating profit was W18.6bn and operating margin 6.5%.�

• Higher-profit engine deliveries and fewer low-margin orders supported improved profitability; order backlog reached W2,806bn at June 30, 2024.�

Financial highlights

• Q2 sales were W286.5bn versus W189bn YoY; H1 sales totaled W580bn.�

• Q2 gross profit was W27bn and operating profit W18.6bn; net profit was W14bn.�

Segment performance

• Marine engine sales rose 60.8% YoY to W240bn, driven by increased deliveries to Hanwha Ocean and SHI.�

• Non-marine engine sales grew 17.4% YoY to W47bn; aftermarket sales increased to W37bn from W30bn.�

• Marine engines accounted for 96% of the W2,806bn backlog; LNG represented 57%, containers 30%, and tankers 13% by ship type.�