Hanwha Corporation, Ranked 277th
on Fortune "Global 500" List, up 52 Spots
[July 22, 2016] Hanwha Corporation jumped 52 rankings to the number 277 spot on the latest list of "Global 500 Companies" by Fortune Magazine, a widely recognized U.S. business publication. The Hanwha Corporation was ranked 329th last year.
"Global 500 Companies," also known as "Global 500," is an annual ranking of the top 500 corporations worldwide as measured by revenue. Hanwha's revenue increased from $33 billion in 2015 to $36.5 billion¹ in 2016.
Hanwha Corporation's higher ranking is credited to strong performances by Hanwha Total Petrochemical, Hanwha General Chemical, Hanwha Techwin and Hanwha Systems. Hanwha Total Petrochemical enjoyed high margins from the price of ethylene that remained largely unaffected even as other oil prices fell. Hanwha Total Petrochemical was further buoyed by its diversified product portfolio that serves as the company's foundation for steady profit growth.
Since its acquisition last year, Hanwha General Chemical achieved a turnaround and posted operating profits in the black.
Hanwha Techwin is maintaining a steady performance after having reorganized its business around engine components and military defense and by growing the number of its long-term supply contracts. Increased engine production volume and orders for engine components as well as overseas exports of the K9 self-propelled howitzer developed by the company's Aerospace and Defense Business Group are driving higher business performance. Hanwha Systems has also posted excellent results in core areas including electro-optical systems, tactical communications systems, combat command systems, and fire control systems.
In May 2016, Hanwha Defense Systems became the newest member of the Hanwha Group. Its mobility & anti-aircraft and guided weapons systems joins a wide-ranging defense systems portfolio that includes Hanwha Corporation's munitions & precision weapons, Hanwha Techwin's artillery equipment & aircraft engines, and Hanwha Systems' command, control, surveillance and reconnaissance systems. Together, they offer a comprehensive assembly of capabilities and technologies that are not only are expected to further raise Hanwha's Global 500 ranking but also deliver an advanced system of solutions for national defense and the needs of customers worldwide.
Hanwha's solar energy business Hanwha Q CELLS also has helped to boost Hanwha's Global 500 ranking. In April of 2015, it signed the largest single contract in the industry to date – over 1.5 GW module supply with NextEra Energy. In addition, strategic investments and prudent management decisions enabled the company to navigate through a global downturn and begin posting profits in the second quarter of 2015 and consistently every quarter thereafter.
Hanwha Life broke the $82.2 billion¹ mark in total assets earlier in 2016 becoming a the first Korean life insurance company to enter the Vietnamese insurance market; it has continued to actively develop overseas markets by establishing local subsidiaries in China in 2012 and in Indonesia the following year.
Hanwha Life expects to maintain its leadership position by investing into new future growth drivers, such as direct banking and FinTech.
|¹ Currency is converted into US dollars using an exchange rate of USD 1 = KRW 1,133.50|
Hanwha Corporation was founded in 1952 as Korea Explosives company, quickly becoming the leader in the South Korean explosives industry. It has since grown into a global manufacturing and trading company operating in four business areas—explosives, defense, trading, and machinery.
For more information, please visit: www.hanwhacorp.co.kr/eng
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 61 domestic affiliates and 325 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 65 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com
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