Hanwha Solutions to merge with subsidiary after reporting Q3 loss

Hanwha Group CI

Hanwha Solutions announced on Wednesday that it will merge with its wholly owned subsidiary, Hanwha Global Asset, in a move aimed at streamlining operations and improving efficiency within the group.

The merger announcement follows the company’s third-quarter 2024 financial report, revealing consolidated revenue of 2.77 trillion won ($2 billion) and an operating loss of 81 billion won. Revenue declined by 4.5 percent year-over-year, and the company posted a loss instead of a profit. However, revenue grew by 3.5 percent compared to the previous quarter and the operating loss narrowed by 24.8 percent.

The renewable energy division, responsible for the company’s solar business, generated revenue of 1.15 trillion won with an operating loss of 41 billion won. Despite the quarterly loss, the division reduced its deficit by more than half compared to the previous quarter, aided by asset sales and improved profitability in its engineering, procurement, and construction (EPC) business.

The chemical division recorded revenue of 1.19 trillion won and an operating loss of 31 billion won. Weak global demand continued to weigh on prices, and a sharp increase in shipping costs further eroded profitability.