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Hyundai Heavy to change name to HD Hyundai

All News 15:21 February 24, 2022

SEOUL, Feb. 24 (Yonhap) -- South Korea's Hyundai Heavy Industries Holdings Co., the world's biggest shipbuilding group, said Thursday it will change its name to HD Hyundai in order to focus on exploring new investment opportunities.

The holding company plans to finalize the name change at a shareholders meeting on March 28. HD in the new company name stands for Human Dynamics.

"The name change is aimed at shifting away from the image of a traditional manufacturer to an investment company exploring new growth engines," Hyundai Heavy said in a statement.

Hyundai Heavy Industries Holdings has Korea Shipbuilding & Offshore Engineering Co. (KSOE) as a subholding company under its wing. KSOE has three affiliates -- Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co. and Hyundai Samho Heavy Industries Co.

For the whole of 2021, the holding firm swung to a net profit of 186 billion won (US$154 million) from a net loss of 789.7 billion won a year earlier.

It also shifted to an operating profit of 1.085 trillion won last year from an operating loss of 597.1 billion won the previous year. Sales rose 49 percent to 28.16 trillion won from 18.91 trillion won during the same period.

This image offered by Hyundai Heavy Industries Holdings shows the company's new corporate name. (PHOTO NOT FOR SALE) (Yonhap)

kyongae.choi@yna.co.kr
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