HJ Shipbuilding and Construction recorded a 347 per cent surge in operating profit for the first quarter of 2026, driven primarily by the construction of high-value-added vessels. Consolidated revenue grew 32 per cent to KRW541.4 billion (€361.7 million) from KRW410 billion during the same period last year.
The group reported that quarterly operating profit rose to KRW24.6 billion from KRW5.5 billion, while net profit grew 355 per cent to KRW25.5 billion.
This financial recovery was led by the shipbuilding division, which experienced a 70 per cent revenue increase to KRW268.6 billion compared to KRW158.1 billion in the previous year.
In contrast, the construction division posted a smaller revenue increase of 8.6 per cent to reach KRW269.3 billion. The shipbuilding division, which accounted for 18 per cent of total consolidated revenue in 2022, saw its share recover to half that level last year.
Management attributed the profit improvement to selective bidding for cost-advantaged ship types, advanced cost management, and steady production efficiency. Both major business divisions currently maintain a stable order backlog of more than three years, the company said.
Recent orders secured include four high-speed patrol boats for the South Korean Navy, a multi-purpose chemical spill response vessel for the Korea Coast Guard, four 10,100 TEU container ships, and a US Navy maintenance, repair and overhaul contract.