South Korea’s Hanwha reports record-breaking sales in 2024

Hanwha Aerospace, a leading South Korean defense manufacturer, announced on Monday that its 2024 sales had reached a historic high of 11.24 trillion won ($7.7 billion).

This achievement marks the company as the first local defense firm to surpass the 10 trillion won sales milestone, highlighting its rapid growth in both domestic and international markets.

According to the company’s latest regulatory filing, operating profit surged 190.2 percent year-over-year, reaching 1.72 trillion won. Meanwhile, net profit stood at 2.54 trillion won, reflecting a 160.5 percent increase compared to the previous year. Annual sales also witnessed a significant rise of 42.5 percent from 2023.

The company attributed its strong financial performance to high global demand for its flagship K9 self-propelled howitzers and Chunmoo multiple rocket launchers. Notably, Hanwha Aerospace has secured substantial export contracts, particularly with Poland, which has been expanding its artillery capabilities amid growing security concerns in Europe.

For the first time in its history, Hanwha Aerospace’s annual exports outpaced domestic sales, signaling its evolution into a globally competitive defense enterprise. The company’s international footprint has expanded significantly through major defense deals with European and Asian partners, further solidifying its position as a key player in the global defense market.

Industry analysts see Hanwha Aerospace’s growth as a reflection of South Korea’s increasing prominence in the international arms trade. The country has emerged as one of the world’s top defense exporters, with South Korean firms securing major contracts for advanced artillery systems, tanks, and naval assets.

With demand for advanced artillery solutions on the rise, Hanwha Aerospace is expected to continue its upward trajectory, driven by both international military procurement trends and ongoing investments in cutting-edge defense technologies.