Hanwha Solutions Corp. returned to profitability in the fourth quarter, driven by solar development asset sales that helped counter persistent weakness in its chemical business.
Operating profit reached 107 billion won ($81 million) in the quarter, compared with a loss of 80 billion won in Q3, the South Korean company said in a statement. Sales jumped 69% quarter-on-quarter to 4.64 trillion won.
The renewable energy division posted an operating profit of 61 billion won, reversing the previous quarter’s loss, as development asset sales materialized. However, the chemicals unit reported wider losses of 54 billion won amid rising electricity costs and continued market downturn.
The advanced materials segment swung to a small loss due to initial fixed costs at its new U.S. plant, despite revenue growth as seasonal effects waned.
Looking ahead, the company expects its renewable energy earnings to moderate in Q1 2025 due to lower development revenues. The chemicals division faces continued pressure from scheduled maintenance affecting sales volumes.
Net debt rose to 10.4 trillion won by year-end, up from 7.3 trillion won in 2023, as the company invested in expanding its U.S. solar manufacturing capacity.
