Hanwha Group reported a surprise earnings boost in the first quarter due to good results from its major chemicals and finance sector, with the group announcing an operating profit of 645.8 billion won on sales of 13.346 trillion won in the quarter, up 57.2 percent and 10.9 percent year-on-year with both figures beating estimates, the group said on May 15.
The group attributed the surprise earnings to the outstanding results of its major affiliates including Hanwha Chemical, Hanwha Construction and Hanwha Life, among others, and inclusion of new affiliates in its consolidated financial statement, including Hanwha Defense and Hanwha System.
Following is Chairman Kim Seung-yeon’s vision for the group’s operation: “Our vision today is the latest expression of our commitment to elevate the quality of life of everyone whose lives we touch. Hanwha is providing practical solutions to real-world challenges, from sustainable energy to affordable housing to wider access to financial services. Our vision is at the heart of our customer relationships and the energizing force behind our growth.
“To achieve our vision, one strategy has been to increase synergies across our businesses and make focused investments in pivotal areas. This strategy would sharpen our competitive edge and as a global top-tier company, surpass our competitors.
“Our strategy has already led to higher levels of performance. In 2015, the Hanwha Group achieved $53.09 billion in sales with $145.38 billion in assets, reflecting increases of more than 20 percent and 10 percent, respectively, over the previous year. All of our businesses gained momentum, propelling many to leadership in the South Korean market and top positions internationally.
“The launch of Hanwha General Chemical and Hanwha Total Petrochemical in 2015 enabled Hanwha to take the lead in the South Korean petrochemical sector and, at the same time, join the ranks of the industry elites, globally. Backed by economies of scale, we continue to increase our dominance through innovation, value-based pricing, and stable supply.
“Our world-class products in aerospace, energy, and industrial machinery are attracting partnerships with a growing number of enterprises worldwide. The acquisition of Hanwha Techwin and Hanwha Systems has elevated Hanwha to the top of South Korea’s aerospace and mechatronics industries. And the launch of Hanwha Defense Systems advances our goal of global leadership in the same sector.
“Hanwha’s multiyear restoration project in postwar Iraq reached a milestone in 2015, with the value exceeding $10 billion for the Bismayah New City Project alone, plus additional business opportunities for more than 100 of our partner companies.
“In the energy sector, Hanwha Q CELLS is now the number one solar cell manufacturer in the world. Recently, it signed a record-breaking 1.5GW solar module supply agreement with Next Era Energy Resources in the US. By expanding our production facilities around the world, Hanwha is ready to meet the growing customer demand for sustainable energy sources.
“Our financial services platform is also driving growth and benefitting the people they serve. We’re leveraging innovative financial technology and bringing greater financial opportunities to more people through partnerships, like Dianrong, China’s leading peer-to-peer lending platform.
“We are working to advance the common good. The Hanwha Happy Sunshine campaign improves the future for many through clean energy, and this year, it donated solar power equipment to help disadvantaged schools in China. In the U.S., Hanwha received the 2015 Award for Environmental Excellence for transforming environmentally compromised land into a source of clean energy for the American state of Indiana. In collaboration with the United Nations, the Hanwha Group also donated a photovoltaic (PV) plant to help mitigate the effects of drought and assist in rehabilitating land in the Baijitan National Nature Reserve of Lingwu City, China.”
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