On November 3, HD Korea Shipbuilding & Offshore Engineering (HD KSOE), the intermediate holding company for HD Hyundai Group’s shipbuilding business, disclosed its third-quarter 2025 results. On a consolidated basis, the company achieved operating revenue of 7.5815 trillion won (approximately US$5.269 billion), representing a 21.4% year-on-year increase. Operating profit reached 1.0538 trillion won (approximately US$732 million), surging 164.5% year-on-year.
In the first nine months of 2025, HD KSOE’s net profit surged to 876.7 billion won (approximately $609 million), compared to just 176.4 billion won during the same period last year.
The company stated that despite reduced operating days due to seasonal factors, it achieved outstanding performance in the third quarter. This was driven by balanced growth across all shipbuilding sectors, including enhanced production efficiency in the commercial vessel sector, increased sales of high-value-added vessel types, and growth in both operating revenue and operating profit within the engine and machinery sector.
By subsidiary, HD Hyundai Heavy Industries achieved operating revenue of 4.4179 trillion won (approximately US$3.07 billion) and operating profit of 557.3 billion won (approximately US$387 million); HD Hyundai Samho achieved operating revenue of 1.9665 trillion won (approximately US$1.367 billion) and operating profit of 306.4 billion won (approximately US$213 million).
HD Hyundai Ulsan achieved operating revenue of 1.3 trillion won (approximately US$904 million), marking a 20.7% year-on-year increase, and recorded an operating profit of 200.8 billion won (approximately US$140 million), surging 470.5% year-on-year.
HD Hyundai Marine Engine achieved a 35% year-on-year increase in operating revenue and a 130.7% surge in operating profit, reaching 109.1 billion won (approximately US$76 million) and 20.3 billion won (approximately US$14 million), respectively. This growth was driven by expanded sales of high-value-added engines, higher selling prices, and increased revenue from the parts business.
HD Hyundai Energy Solutions achieved operating revenue of 121 billion won (approximately US$ 84 million) and operating profit of 14.7 billion won (approximately US$ 10.2 million). This was driven by increased exports to the U.S. and expanded sales of new N-type modules, despite a decline in domestic module sales due to seasonal factors such as the rainy season.
By business segment: The shipbuilding division benefited from improved production efficiency and rising ship prices, achieving operating revenue of 6.1985 trillion won (approximately US$4.308 billion), a year-on-year increase of 16.5%. Operating profit reached 865.8 billion won (approximately US$602 million), a year-on-year increase of 128.9%.
Driven by increased demand for dual-fuel engines due to strengthened global environmental regulations and expanded orders from India, the Engine Machinery Division achieved operating revenue of 823.6 billion won (approximately US$572 million), a 31% year-on-year increase, and operating profit of 243.2 billion won (approximately US$169 million), a 137.5% year-on-year increase.
The offshore engineering division recorded operating revenue of 280.4 billion won (approximately US$195 million) due to expanded sales recognition from major projects, but shifted to a loss due to the occurrence of one-time expenses.
An HD KSOE official stated: “We anticipate that eco-friendly, high-value-added vessels will continue to drive performance growth, with profitability steadily improving. Through the merger of HD Hyundai Heavy Industries and HD Hyundai Mipo, our company will strengthen its market competitiveness and secure cutting-edge technologies to lead the future shipbuilding market.”