Hanwha Group chief calls for innovation in 72nd anniversary speech

Chairman Kim Seung-youn

Hanwha Group Chairman Kim Seung-youn called for “unwavering beliefs” and “relentless pursuit of excellence” to overcome current crises and to shape the conglomerate’s future in his speech marking its 72nd anniversary.

On Thursday, the day after the company’s founding anniversary, Kim urged employees to “build the capacity to lead the market through innovation” rather than waiting for market changes.

Acknowledging concerns about geopolitical conflicts, financial uncertainty and economic recession, Kim encouraged the conglomerate to “overcome these challenges as we have always done” and turn past successes into new milestones.

He highlighted the success of the defense business led by Hanwha Aerospace Co. and Hanwha Systems Co.

Hanwha Aerospace achieved record-breaking results last year.

The defense division’s operating profit stood at 260.8 billion won ($193 million) in the second quarter of 2024, up 1,089 percent from the same period a year ago.

Kim also called for greater efforts from other affiliates, particularly in the petrochemical and energy sectors facing unprecedented challenges. He urged a reassessment of their competitiveness and warned against complacency with small successes.

Kim emphasized that strong innovation is essential to overcome the crisis.

With regard to Hanwha Ocean Co. and Hanwha Engine Co., which are engaged in shipbuilding and maritime activities, Kim encouraged continued efforts to become a global leader in the marine business.