Korea Business News Agency - NSP NEWS AGENCY.

(Table = Hanwha Solutions)

(Seoul=NSP NEWS AGENCY) = Hanwha Solutions announced it recorded 13.2887 trillion won of revenue and 604.5 billion won of profits in 2023 (consolidated), which is YoY 1.2% and 34.6% increases, respectively.

Its renewable energy business earned 6.6159 trillion won of revenue and 568.2 billion won of profits, up by 18.8% and 62.3% YoY to record the best performance in company history. The main drivers were development assets sold and a 1 trillion won or more increase in EPC revenues.

Its chemicals business earned 5.974 trillion won (or 13.7% decrease) of revenue and 59.5 billion won (or 89.9% decrease) of profits YoY. The main cause was shrunken margins from its core products due to a prolonged international imbalance between supply and demand in the global petrochemical industry and regular maintenance in the fourth quarter.

Its advanced materials business earned 988.9 billion won of revenue (down by 14.2%) and 64.3 billion won of profits (up by 82.2%) YoY.

Overall, Hanwha Solutions’ revenue and profits for the fourth quarter of 2023 were 3.8697 trillion won, and 40.7 billion won, a 2.3% increase and a 75.8% decrease compared to last year, respectively.

Hanwha Solutions said it planned to resume dividends for the first time in four years after the shareholder’s general meeting approves the measure. The payment of the dividends was suspended amid its refocusing effort on the new growth engine, including expanding production facilities in the United States. The dividends to pay per common share is 300 won, and per preferred share is 350 won, with the total expected dividends of 51.7 billion won.

The CFO of Hanwha Solutions said, “We see reduced sales for modules in the first quarter of 2024, affected by off-season.” “Also, we target to earn an annual 2.5 trillion won in 2024 from Development assets sold and EPC sales”. He added, “Once our production facility in Cartersville, the United States, starts operation within 2024, production and sales in the United States will increase, making us a new leap forward.

By Hyun-jin Kim(kimhj30310@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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