Hanon Systems Announces Full Year 2024 Financial Results

SEOUL, South Korea, Feb. 17, 2025 /PRNewswire/ -- Hanon Systems, a leading global automotive thermal management supplier and subsidiary of Hankook & Company Group, last week reported its full year 2024 financial results.

For the fourth quarter of 2024, Hanon Systems reported consolidated revenue of KRW 2.5498 trillion, marking a 3.8% increase year-over-year and a 2% increase from the previous quarter. However, the fourth quarter operating income showed a loss of KRW 98.8 billion due to one-time factors and global restructuring costs. The total net loss for the year 2024, including the fourth quarter operating loss, decreased production volumes due to a slowdown in EV sales, interest expenses, and impairment losses on intangible assets, amounted to KRW 334.4 billion.

The company expects that there will be no difficulty achieving sales exceeding KRW 10 trillion in 2025, and the operating margin is expected to improve gradually.

In 2025, the company will continue improving profitability and cash flow, strengthening accountability in management through the rollout of a new regional organization structure, and enhancing management efficiency through successful integration. The company has established specific implementation plans to achieve these goals. In January, Hanon Systems realigned its organization to regional business groups to drive greater efficiency and strengthen responses to customers' needs.

Vice Chairman and CEO Soo Il Lee stated: "In the short term, our priority is to enhance financial structures through cost reduction and operational efficiency. In the long term, by strengthening accountability in management, we will establish a proactive organizational culture." He added, "Through these measures, we will lay a foundation for sustainable growth and make company-wide efforts towards successful integration."

Hanon Systems expects to see tangible results in the second half of the year and, through synergies with the Hankook & Company Group, aims to achieve a stable financial structure within two to three years, continuously enhancing competitiveness by responding agilely to strategic changes in customers' demands.

About Hanon Systems

Hanon Systems, founded in 1986, is a global leader in thermal energy management solutions. In January 2025, it became a subsidiary of Hankook & Company Group. Its offering includes a wide range of solutions in the areas of heating, ventilation and air conditioning, powertrain cooling, compressor, fluid transport, and electronics and fluid pressure. The company currently operates 50 manufacturing sites and three regional innovation centers and employs more than 20,000 people across 21 countries. To learn more, visit hanonsystems.com.

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SOURCE Hanon Systems