South Korean defense contractor Hanwha Systems posted a dramatic surge in fourth-quarter profit, reflecting robust demand for its military technology and systems integration services.
Net income soared to 359.7 billion won ($271 million) in the quarter ended December, up from 8.1 billion won a year earlier. Sales climbed 46% to 933.5 billion won.
The Seoul-based company, which develops radar systems and combat management solutions, saw its operating profit rise 60% to 29.1 billion won despite a sequential decline from the third quarter.
For the full year 2024, Hanwha Systems reported revenue of 2.8 trillion won, marking a 14% increase from the previous year. Annual operating profit jumped 79% to 219.3 billion won.
The company scheduled meetings with institutional investors in Singapore and Hong Kong next week, followed by domestic investor sessions. The roadshow, backed by NH Investment & Securities and Hana Securities, aims to showcase the company’s growth trajectory in the defense sector.
All figures are preliminary and subject to external audit, the company said in a regulatory filing.
