Hanwha Corporation on Friday said it has posted sales of 59.92 trillion won and operating income of 1.58 trillion won for the entire year of 2020.
It is a rise of 1% and 40.5%, respectively, from 2019. Annual net income increased by 220%.
The holding company of Hanwha Group said the growth was thanks to improved profitability from its major subsidiaries in finance, oil and defense.
Hanwha Solutions saw stable profits from its petrochemical products and growth in new energy businesses such as solar, Hanwha Corp said.
Hanwha Life, the company’s insurance firm, and Hanwha Aerospace also saw increased profits, it said.
Hanwha Corp said it expected positive outlook for 2021 as well. The South Korean government’s focus on environmentally friendly energy businesses and increased defense spending is expected to help growth, it said.
The group’s aerospace business will lay the foundation for mid- to long-term growth from expanded satellite and urban air mobility projects, it added.