HD Hyundai Marine Solution (443060) Q2 2024 earnings summary

Executive summary

• Achieved record-high revenue and operating profit in 2Q 2024, driven by robust growth across all business units and strong aftermarket performance.

• Provides total marine solutions for ships, including after-market services, bunkering, eco-friendly retrofits, and digital solutions, with a global presence.

• Listed on the Korea Exchange in May 2024, with significant capital increase and expanded shareholder base.

Financial highlights

• Revenue reached KRW 4,379 hundred million in 2Q 2024, up 14.3% sequentially and 20.2% YoY; H1 2024 consolidated revenue was ₩820.8B.

• Operating income was KRW 710 hundred million in 2Q 2024, up 37.9% QoQ and 29.6% YoY; H1 2024 operating income: ₩122.5B.

• Net income rose to KRW 567 hundred million in 2Q 2024, up 28.0% QoQ and 38.0% YoY; H1 2024 net income: ₩101.0B.

• Cash and cash equivalents increased to KRW 3,207 hundred million as of June 30, 2024; H1 2024 cash and equivalents: ₩320.7B.

• Dividend of ₩450 per share (₩20.0B total) approved for H1 2024.

Outlook and guidance

• Business expansion expected to continue, with new solution needs identified in SDV and ongoing demand for power plant O&M.

• Plans to expand eco-friendly retrofits (methanol, ammonia DF conversions) and digital solutions (Ocean Wise platform).

• Focus on strategic alliances, M&A, and new service packages in AM and digital sectors.