Hanwha Systems Records All-Time High Performance in 2019
Equity Investment in Overair, PAV Development Begins in Earnest
Federal Aviation Administration type certification approval target


Hanwha Systems announced on the 10th through a preliminary disclosure of consolidated results that it achieved record-high performance last year, recording sales of 1.546 trillion won and an operating profit of 85.8 billion won.

This represents a 16% increase in sales compared to 1.336 trillion won in 2018 and a 15% increase in operating profit compared to 74.5 billion won.

Based on separate financial statements, the defense sector achieved annual sales of 1.0705 trillion won and an operating profit of 45.4 billion won in 2019, while the ICT sector achieved annual sales of 449 billion won and an operating profit of 40.3 billion won.

Last year, the defense sector achieved order performance amounting to 2.2 trillion won, including the securing of the 'Air Identification Friend or Foe (IFF) MODE5 (500.7 billion won)' and 'Tactical Information Communication Network (TICN) 3rd Mass Production (470 billion won)' projects.

This year, along with the expansion of the defense industry market, the roles of command and control and surveillance and reconnaissance are expected to increase even further. Hanwha Systems plans to intensively foster AI, unmanned systems, cybersecurity, and avionics as key future technologies to prepare for future battlefields.

We also plan to accelerate new business ventures and entry into the global civilian market.

Following last year's equity investment in Overair, Inc. to enter the air taxi market, the company is accelerating the development of Personal Air Vehicles (PAVs) this year. It plans to make a full-scale entry into the global civilian market with the goal of obtaining type certification approval from the U.S. Federal Aviation Administration (FAA).

Earlier this year, Hanwha Group announced that it would implement digital transformation across its entire business operations. The ICT division expects to lead the group's digital transformation, driven by increasing business demand centered on AI and smart factories, and expand into external business.