Hanon Systems (018880) announced on Feb. 14 that its preliminary consolidated financial results for last year showed an operating profit of 277.2 billion won (US$207.9 million), up 8.1% from the previous year. Sales revenue increased by 10.8% to 9.5593 trillion won and net income rose by 120.2% to 588 billion won.
Sales growth was reported in Europe (16%), the United States (14%), and South Korea (10%), excluding China, which saw a 7% decline. The company has diversified its customer base, including Hyundai Motor Group (47% of total sales), Ford (12%), Volkswagen (10%), General Motors (7%), BMW (4%), Stellantis (4%), and Mercedes-Benz (2%).
Hanon Systems, a manufacturer of automotive heating, ventilation, and air conditioning components, compressors, and hydraulic control systems, is the world’s second-largest in the thermal management sector. The company is focusing on thermal management areas like heat pumps to match the expansion of the electric vehicle market.
A representative from Hanon Systems stated, “Last year, we delivered 3 million electric air compressors (e-compressors), with sales in the electric vehicle segment growing by 17% compared to the previous year. This year, our management will focus on operational efficiency and financial performance.”