Recently, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, announced that its consolidated operating revenue in the second quarter of 2025 reached 7.4284 trillion won (about US$5.343 billion), a year-on-year increase of 12.3%; and its operating profit reached 953.6 billion won (about US$686 million), a year-on-year increase of 153.3%.
During the reporting period, HD KSOE received new orders for 79 vessels valued at approximately US$10.58 billion. Specifically, HD Hyundai Heavy Industries secured 29 new vessel orders valued at approximately US$5.45 billion; HD Hyundai Samho secured 19 new vessel orders valued at approximately US$3 billion; HD Hyundai Mipo secured 28 new vessel orders valued at approximately US$1.85 billion; and its shipyard in the Philippines secured three new vessel orders valued at approximately US$220 million.
HD KSOE attributed the performance growth to increased shipyard operating days, improved production efficiency, improved profitability resulting from a greater proportion of high-value-added vessel sales, and increased operating income from the engine and machinery division. This suggests that all of the company’s business sectors achieved balanced growth during the reporting period.
By business division, HD KSOE’s shipbuilding business achieved operating revenue of 6.2549 trillion won (approximately US$44.99 billion), an increase of 9.3% year-on-year, and operating profit of 805.6 billion won (approximately US$5.79 billion), an increase of 104.5% year-on-year. The growth in performance was due to an increase in operating revenue resulting from an increase in shipbuilding volume and rising ship prices.
The Engine Machinery Division benefited from the increased demand for dual-fuel engines and increased deliveries in India, achieving operating revenue of 774 billion won (approximately US$557 million), a year-on-year increase of 29.6%; and operating profit of 201.1 billion won (approximately US$145 million), a year-on-year increase of 56.9%.
By subsidiary, HD Hyundai Heavy Industries achieved operating revenue of 4.1471 trillion won (approximately US$2.983 billion) and operating profit of 471.5 billion won (approximately US$339 million); HD Hyundai Samho achieved operating revenue of 2.1187 trillion won (approximately US$1.524 billion) and operating profit of 371.7 billion won (approximately US$267 million); HD Hyundai Mipo achieved operating revenue of 1.2345 trillion won (approximately US$888 million) and operating profit of 89.4 billion won (approximately US$64 million).
HD Hyundai Marine Engines achieved a 16.7% increase in operating revenue and a 91.2% increase in operating profit compared to the same period last year, reaching KRW 99.3 billion (US$71 million) and KRW 17.4 billion (US$1.25 million), respectively, thanks to an increase in the proportion of sales of high-value-added engines, higher sales prices, and improved production efficiency.
HD Hyundai Energy Solutions achieved an operating profit of 133.7 billion won (approximately US$96 million) and an operating profit of 15.1 billion won (approximately US$1.09 million), successfully turning losses into profits.
As of July 24, HD KSOE has secured 82 new ship orders worth US$11.22 billion this year, achieving approximately 62.2% of its annual orderbook target of US$18.05 billion. These orders include five liquefied natural gas (LNG) carriers, six LNG bunkering vessels, eight liquefied petroleum gas (LPG)/ammonia carriers, two ethane carriers, 50 container ships and 11 tankers.