HD Korea Shipbuilding & Offshore Engineering Co., Ltd. financial statements, 6 years: Back to a profit in 2023 after a net loss of KRW 295.2bn in 2022
Consolidated financial statements for 2020–2025 and the 2026 half-year report that HD Korea Shipbuilding & Offshore Engineering Co., Ltd. filed with DART, laid out by year. No interpretation or outlook.
HD Korea Shipbuilding & Offshore Engineering Co., Ltd. financial statements, 6 years: Back to a profit in 2023 after a net loss of KRW 295.2bn in 2022
The consolidated financial statements in the 2020–2025 annual reports that HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (009540) filed with Korea’s DART electronic disclosure system, laid out by year. Figures from the 2026 half-year report cover a different period and are shown separately. Every figure below is taken as filed in the DART submissions; there is no interpretation or outlook. Amounts are in Korean won (KRW; bn = billion, tn = trillion).
1. Income statement — the sign of net income changed in 2023
| Fiscal year | Revenue | Revenue change | Operating income | Op. income change | Operating margin | Net income |
|---|---|---|---|---|---|---|
| 2020 | 14.90tn | — | 74.4bn | — | 0.5% | −835.2bn |
| 2021 | 15.49tn | +3.96% | −1.38tn | turned to loss | −8.9% | −1.14tn |
| 2022 | 17.30tn | +11.67% | −355.6bn | loss narrowed | −2.1% | −295.2bn |
| 2023 | 21.30tn | +23.09% | 282.3bn | turned to profit | 1.3% | 144.9bn |
| 2024 | 25.54tn | +19.92% | 1.43tn | +408.07% | 5.6% | 1.45tn |
| 2025 | 29.93tn | +17.21% | 3.90tn | +172.26% | 13.0% | 2.93tn |
Revenue was largest in 2025 at KRW 29.93tn and smallest in 2020 at KRW 14.90tn among the six years. It never fell from the previous year.
Operating income was largest in 2025 at KRW 3.90tn and smallest in 2021 at KRW −1.38tn. The operating margin was highest in 2025 at 13.0%.
Net income was largest in 2025 at KRW 2.93tn and smallest in 2021 at KRW −1.14tn.
2. Financial position — equity became 1.36x
| Fiscal year | Total assets | Total equity | Debt ratio | Current ratio |
|---|---|---|---|---|
| 2020 | 25.24tn | 12.42tn | 103.2% | 136.7% |
| 2021 | 27.29tn | 12.41tn | 119.9% | 129.0% |
| 2022 | 29.88tn | 12.31tn | 142.7% | 104.9% |
| 2023 | 32.24tn | 12.37tn | 160.7% | 101.4% |
| 2024 | 36.72tn | 14.16tn | 159.4% | 105.7% |
| 2025 | 39.54tn | 16.91tn | 133.9% | 117.1% |
The debt ratio was highest in 2023 at 160.7% and lowest in 2020 at 103.2%.
Over the same period total assets went from KRW 25.24tn to KRW 39.54tn (1.57x), and total equity went from KRW 12.42tn to KRW 16.91tn and became 1.36x.
The current ratio was above 100% in all six years, ranging from 101.4% to 136.7%.
3. Cash flow — negative in 1 year
| Fiscal year | Operating cash flow | Net income | ROE |
|---|---|---|---|
| 2020 | −90.0bn | −835.2bn | −6.7% |
| 2021 | 835.8bn | −1.14tn | −9.2% |
| 2022 | 462.2bn | −295.2bn | −2.4% |
| 2023 | 2.08tn | 144.9bn | 1.2% |
| 2024 | 4.29tn | 1.45tn | 10.3% |
| 2025 | 4.42tn | 2.93tn | 17.3% |
Operating cash flow was negative in 2020. It was largest in 2025 at KRW 4.42tn.
ROE was highest in 2025 at 17.3% and lowest in 2021 at −9.2%.
4. Latest half-year report (end of H1, 53rd fiscal period, consolidated basis)
The period differs, so these figures cannot be compared directly with the annual tables above. Only cumulative figures for the same period of the previous year are compared.
| Item | 2026 cumulative | Same period last year | Change |
|---|---|---|---|
| Revenue | 17.07tn | 14.20tn | +20.20% |
| Operating income | 3.00tn | 1.81tn | +65.55% |
| Net income | 2.74tn | 1.06tn | +158.39% |
| Finance income | 1.92tn | 2.72tn | −29.41% |
| Operating cash flow | 4.38tn | — | — |
At the end of the period, total assets were KRW 46.72tn, total liabilities KRW 27.80tn and total equity KRW 18.92tn.
The cumulative operating margin was 17.6%.
5. Ownership, dividends and staff (as of the 2025 annual report)
- Largest shareholder: HD Hyundai Co., Ltd., stake 35.05%
- Cash dividend per share KRW 12,300, payout ratio 40.11%, dividend yield 3.00%
- Employees: 1,543, average pay per employee KRW 131m
How to read this
This page lays out the filed figures by year and nothing more. Financial statements do not say why the numbers moved, so neither do we.
The order of publication follows revenue in the latest fiscal year and has nothing to do with the content.
To check the same figures, search for the company on DART and open the consolidated financial statements in its annual reports. Every number here was computed from the 2020–2025 annual reports and the interim report downloaded through the OpenDART API on 2026-09-26; ratios divide the filed account amounts.
This article is for information only and is not investment advice.