Hanwha's Defense Sector Propels Group to 5th in Business Rankings, Order Backlog Nears 40 Trillion Won

Hankyoreh reports on Hanwha Group's impressive ascent in the South Korean corporate hierarchy, propelled by the strategic strength of its defense industry. The article highlights how Hanwha Aerospace's robust first-quarter performance, marked by a substantial increase in sales and operating profit, has enabled the conglomerate to surpass long-standing rivals like Lotte and Posco, solidifying its position as the fifth-largest business group.

The defense sector's success is underscored by a record-breaking order backlog, nearing 40 trillion won. This includes a significant 1.3 trillion won deal to supply the Cheonmu multi-launch rocket system to Norway, a testament to Hanwha's growing global competitiveness in defense technology. The article notes that despite a dip in operating profit for the ground defense segment, the overall order book indicates strong future prospects.

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The weapon that broke down the wall was defense.

Beyond defense, Hanwha's aerospace and shipbuilding divisions also contributed to the group's overall growth. Hanwha Aerospace saw a remarkable 25% increase in sales and a staggering 533% surge in operating profit. Hanwha Ocean also posted healthy gains, with sales up 2% and operating profit rising 71%. This diversified growth paints a picture of a resilient and expanding conglomerate.

From a South Korean perspective, Hanwha's rise is not just a corporate success story but also a reflection of the nation's increasing prowess in the defense industry. In an era of heightened geopolitical instability, the ability to secure large international defense contracts is a source of national pride and economic strength. While Western media might focus on the technological aspects or global market share, for South Korea, this success signifies enhanced national security capabilities and a significant boost to its export-driven economy.

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The order backlog reached 39.7 trillion won, including an export contract worth 1.3 trillion won with Norway in January for the Cheonmu multi-launch guided missile.