Seoul: Hanwha Aerospace Co., a prominent South Korean defense equipment manufacturer, announced on Monday that its 2024 sales reached an unprecedented 11.24 trillion won (US$7.7 billion). This milestone marks the company as the first local defense firm to surpass the 10 trillion-won sales benchmark.
According to Yonhap News Agency, the company's operating profit for the year soared by 190.2 percent year-on-year, amounting to 1.72 trillion won on a consolidated basis. This substantial increase in operating profit was accompanied by a 42.5 percent rise in annual sales compared to the previous year, as reported in the company's regulatory filing.
Hanwha Aerospace's net profit reached 2.54 trillion won, reflecting a substantial 160.5 percent increase from the prior year. These impressive financial achievements have positioned Hanwha Aerospace as the first Korean defense company to exceed both 10 trillion won in sales and 1 trillion won in operating profit.
The company noted that last year, its annual exports exceeded domestic sales for the first time, indicating its transformation into a fully-fledged global enterprise. The robust financial performance in 2024 was largely driven by high demand for its K9 howitzer and Chunmoo rocket launchers, particularly through significant export contracts with Poland.