Hanwha Aerospace logs record annual sales of 11.2 tril. won in 2024

Hanwha Aerospace's K9 self-propelled howitzer / Courtesy of Hanwha Aerospace

Hanwha Aerospace, a major South Korean defense equipment manufacturer, said Monday its 2024 sales reached a record high of 11.24 trillion won ($7.7 billion), becoming the first local defense company to surpass the 10 trillion won sales mark.

Operating profit for the year skyrocketed 190.2 percent on-year to 1.72 trillion won on a consolidated basis last year, while annual sales marked a 42.5 percent increase from the previous year, the company said in a regulatory filing.

Net profit came to 2.54 trillion won, up 160.5 percent from the previous year.

The achievements make Hanwha Aerospace the first Korean defense firm to exceed 10 trillion won in sales and 1 trillion won in operating profit.

Last year, the firm's annual exports surpassed domestic sales for the first time, signaling the company's growth into a full-fledged global company, it said.

Last year's strong bottom line was attributed to a high demand for its K9 howitzers and Chunmoo rocket launchers, particularly through export contracts with Poland. (Yonhap)