HD Hyundai Marine Solution Co., Ltd.'s Q3 revenue up 26.7% ... Will the Goltens acquisition fuel further growth?

[Financial News] HD Hyundai Marine Solution Co., Ltd.'s revenue jumped more than 26% year on year in the third quarter of this year. Growth was particularly strong in its core ship-parts and services business. Expectations for future business expansion are also high after its recent acquisition of Goltens, a global specialist in engine services for ships and land-based power generation.
HD Hyundai Marine Solution Co., Ltd. announced third-quarter results on the 26th, posting revenue of 650.1 billion won and operating profit of 95.7 billion won. These were up 26.7% and 2.2%, respectively, from the same period a year earlier. Cumulative revenue for the first three quarters was 1.8051 trillion won, with operating profit of 286.7 billion won, already approaching last year's levels of 1.9827 trillion won in revenue and 350.1 billion won in operating profit.
Revenue in the AM division, which handles ship parts and maintenance, rose 15.7% year on year to 282.7 billion won. This marked a record high for the seventh consecutive quarter. Including the eco-friendly and digital solutions division, which is growing as construction of new eco-friendly ships expands, revenue totaled 356.5 billion won.
Notably, the business has expanded beyond existing ship parts to include services related to engines for land-based power generation. A maintenance contract for power-generation facilities in Ecuador is one example. With the recent acquisition of Goltens, the company can now link maintenance services to parts supply, and growth is expected to accelerate further.
Founded in New York in 1940, Goltens has spent 85 years at the forefront of MRO (maintenance, repair and overhaul) for two-stroke and four-stroke engines installed on ships and in land-based power plants. Among companies other than manufacturers, it is considered world-class in terms of scale and service. It has 28 repair hubs and 31 entities worldwide, employs around 1,300 skilled workers, and provides services to around 2,300 customers and 5,500 vessels.
The synergies with Goltens also extend to HiMSEN engines produced by HD Hyundai Heavy Industries. HiMSEN engines are attracting attention for use in AI data centers, beyond their role as marine power-generation engines. HD Hyundai Marine Solution Co., Ltd., which handles maintenance of HiMSEN engines, plans to enhance its competitiveness by applying Goltens' accumulated expertise. To that end, know-how and technology are being exchanged at the HD Hyundai Group level.
Bunkering revenue—fuel supplied to global shipping companies in cooperation with HD Hyundai Oilbank—reached 293.6 billion won. It surged 38.5% year on year amid strong international oil prices. Bunkering accounts for 45% of total revenue, but given the high uncertainty tied to oil prices, expanding the AM division's share and entering the eco-friendly fuel supply business, including biofuels and methanol, remain priorities.
A spokesperson for HD Hyundai Marine Solution Co., Ltd. said, "Even amid an uncertain external environment, our core businesses grew steadily, giving us a more stable business foundation." The spokesperson added, "With the acquisition of Goltens expected to strengthen the competitiveness of AM, our core business, we will further expand our presence in global markets."

[email protected] Kim Yun-ho Reporter