K2탱크가 사격을 하고 있다@연합뉴
SEOUL/Jung Hee Lee (Newsimpact) - Hyundai Rotem, the leading South Korean engineering and defense company, announced its provisional financial results for the second quarter of 2023, showcasing impressive gains. According to the official statement released on the 26th of July, the company's consolidated revenue stood at KRW 9,868 billion, with operating profit reaching KRW 672 billion and net profit at KRW 525 billion.
In comparison to the same period last year, Hyundai Rotem reported remarkable growth, with revenue surging by 25.6%, operating profit soaring by 113.9%, and net profit increasing by 105.2%.
For the cumulative first half of the year, the company's revenue totaled KRW 1,671.3 trillion, while operating profit and net profit amounted to KRW 991 billion and KRW 731 billion, respectively. Moreover, Hyundai Rotem's order backlog reached an impressive KRW 16,043 trillion.
The rail sector witnessed a decline in revenue, which amounted to KRW 7,617 billion, reflecting a 17% drop compared to the same period last year. However, the order backlog showed substantial growth, reaching KRW 9,877 billion, an increase of 30% attributed to higher demand.
In stark contrast, the defense sector marked an outstanding performance, with revenue soaring to KRW 7,444 billion, a staggering 82% surge from the previous year's KRW 4,101 billion. The sharp increase in revenue was largely driven by a massive export contract for K2 main battle tanks to Poland, resulting in the order backlog reaching an impressive KRW 5,970.5 trillion, a remarkable 317% growth.
마리우시 브와슈차크 폴란드 부총리 겸 국방부 장관(왼쪽)과 현대로템 관계자가 K2전차 폴란드군 납품을 기념하며 사진을 찍고있다@연합뉴스
The plant sector also experienced positive momentum, recording a 26% revenue growth from KRW 1,310 billion to KRW 1,652 billion. The order backlog for this division amounted to KRW 6,461 billion.
A Hyundai Rotem representative commented on the company's performance, noting that the defense sector demonstrated more favorable profit margins compared to the rail division. The representative further emphasized the significant impact of the K2 main battle tank export contract to Poland, highlighting that the results for the second quarter include 12 units of K2 tanks exported during this period, in addition to the 5 units exported in the first quarter.
Hyundai Rotem previously signed a foundational contract with the Polish government in July last year, agreeing to export 1000 units of the K2 main battle tank. Subsequently, in August of the same year, the company secured a first-phase contract for 180 units (approximately KRW 4.5 trillion). Currently, negotiations for the second-phase contract are underway.
With robust growth in its defense sector and a substantial international order backlog, Hyundai Rotem remains on a trajectory of sustained expansion, positioning itself as a key player in the global defense market.
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