HD Hyundai under Chung Kisun posts record quarterly earnings

HD Hyundai, led by Chung Kisun, set a new record for quarterly operating profit since its transition to a holding company structure in 2017. Improved profitability across major businesses, including shipbuilding, construction equipment, refining and power equipment, is being seen as evidence that the group’s restructuring is now delivering tangible results.
According to the Financial Supervisory Service (FSS)'s Data Analysis, Retrieval and Transfer System (DART) on the 13th, HD Hyundai posted consolidated revenue of 19.6019 trillion won and operating profit of 2.8348 trillion won in the first quarter of 2026. Revenue rose 14.7% from a year earlier, while operating profit jumped 120.4%. It was the highest quarterly operating profit since the company became a holding company.
During its conference call that day, HD Hyundai said, "We hold 10.5% of our own shares, and we are continuing to review how to handle them as the Commercial Act is revised," adding, "We will move forward in a way that benefits shareholders."
In the shipbuilding and offshore segment, the group’s core business, HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HDKSOE) reported consolidated revenue of 8.1409 trillion won and operating profit of 1.356 trillion won, with an operating margin of 16.7%. Revenue increased 20.2% from a year earlier, and operating profit rose 57.8%. The gains were driven by a larger share of high-margin eco-friendly vessels, higher engine sales and improved profitability in the offshore business.
HD Hyundai Marine Solution posted revenue of 574.6 billion won, up 18.3% from a year earlier, helped by growth in its core aftermarket business and an expansion in bunkering operations. Operating profit came to 93.4 billion won, up 12.5%, while the operating margin stood at 16.3%. The company said it plans to strengthen competitiveness in its high-value, engine-centered aftermarket business and accelerate expansion into eco-friendly and digital businesses.
HD Hyundai Site Solution recorded revenue of 2.3831 trillion won and operating profit of 207.5 billion won, supported by a recovery in global demand and faster growth in industrial engines. The figures were up 21.2% and 72.8%, respectively, from a year earlier.
Earlier this year, the company merged its subsidiaries HD Hyundai Construction Equipment and HD Hyundai Infracore to launch HD Construction Equipment. It said it will continue to grow by expanding construction equipment sales and diversifying revenue streams, including engines and aftermarket services, based on One-Team synergy.
In the energy segment, HD Hyundai Oilbank delivered a solid performance despite an uncertain operating environment marked by greater oil price volatility from rising geopolitical risks. It posted revenue of 7.7155 trillion won and operating profit of 933.5 billion won. The company plans to keep stabilizing raw material procurement by securing alternative crude oil, while maintaining steady plant operations and improving process efficiency.
HD Hyundai Electric reported revenue of 1.0365 trillion won and operating profit of 258.3 billion won, supported by continued investment in North America’s power infrastructure and growth in rotating machinery sales. Revenue rose 2.1% from a year earlier, while operating profit increased 18.4%. The company expects even stronger growth once the ongoing expansion of its Ulsan plant and its North American production subsidiary is completed.
An HD Hyundai official said, "We posted strong results as profitability improved broadly across all business divisions, including shipbuilding, construction equipment, refining and power equipment," adding, "We will continue to expand a stable earnings base through selective orders, technology development and production efficiency improvements."