Daijiworld Media Network – Seoul

Seoul, Jan 20: South Korea’s HD Hyundai Electric reported a 10.9% decline in its fourth-quarter net profit, falling to 123.9 billion won ($85 million) from 139 billion won in the same period last year, mainly due to one-off non-operating expenses, according to the company’s regulatory filing.

A company spokesperson confirmed that the drop in net profit was linked to these one-off costs, although details of the expenses were not disclosed. However, operating profit surged by 33.4%, reaching 166.3 billion won from 124.7 billion won in the previous year’s fourth quarter. Sales also saw a modest increase of 2.3%, totalling 815.7 billion won compared to 797.3 billion won in Q4 of 2023.

The company attributed the boost in operating profit to a rise in orders for transformers in the United States, driven by increased investments in electrical infrastructure and data centers.

For the full year of 2024, HD Hyundai Electric saw impressive growth, with net income soaring 90.8% to 495.1 billion won from 259.5 billion won in 2023. Operating profit more than doubled to 669 billion won, up from 315.2 billion won, while sales increased by 22.9% year-on-year to 3.32 trillion won from 2.70 trillion won.

The company exceeded its 2024 order target, securing $3.81 billion in orders, surpassing its goal of $3.74 billion. For 2025, HD Hyundai Electric aims to secure $3.82 billion in orders and achieve sales of 3.89 trillion won.

To meet rising demand for ultra-high-pressure transformers, the company will invest 396.8 billion won in expanding its production facilities, including 211.8 billion won at its Ulsan plant in South Korea and 185 billion won at its plant in Alabama, USA.