SEOUL—HD Hyundai Heavy Industries Co., a leading South Korean shipbuilder, is participating in the World Defense Show 2024 in Riyadh, Saudi Arabia, as part of its strategy to enter the local naval vessel market. During the event, which began on Sunday and will run until Thursday, the company is presenting models of the 3,600-ton frigate ROKS Chungnam, a training ship, a submarine, and its shipbuilding technologies. The ROKS Chungnam, measuring 129 meters in length, represents the first vessel constructed under South Korea's frigate acquisition program, known as FFX Batch-III. This initiative aims to build a total of six 3,600-ton frigates to update the country's fleet of aging frigates and corvettes.
According to Yonhap News Agency, the launch of the ROKS Chungnam in April of the previous year marked a significant milestone, showcasing advanced features such as an integrated sensor mast. The company's participation in the biennial defense exhibition is viewed as a crucial step towards establishing a presence in Saudi Arabia's market for warships. HD Hyundai Heavy operates as one of three subsidiaries under Korea Shipbuilding and Offshore Engineering Co., which itself is a subholding entity within the HD Hyundai conglomerate, encompassing shipbuilding, oil refining, and machinery sectors.
SEOUL - Lotte Chilsung Beverage Co. has announced a significant increase in its net profit for 2023, marking a 27 percent rise to 166.5 billion won (US$125.1 million). In a regulatory filing on Monday, the company disclosed that while its operating income saw a decrease of 5.5 percent from the previous year to 210.7 billion won, its annual revenue experienced a robust growth of 13.5 percent, reaching 3.22 trillion won.According to Yonhap News Agency, The performance underscores the company's financial health and growth trajectory, despite the challenges in the operating income sector. The rise in annual revenue indicates a strong market presence and consumer demand for Lotte Chilsung Beverage's products.