HHI Targets USD 65 Bn in Revenues by 2022

South Korean shipbuilder Hyundai Heavy Industries has set a target of KRW 70 trillion (USD 65.2 billion) in revenues by 2022, according to The Korea Times.

News ID: 78798

Date: 19 April 2018 - 10:19

According to MANA, The target represents a big jump compared to KRW 37 trillion earned in 2017. The shipbuilder expects a revenue of KRW 37 trillion this year as well.

HHI plans to achieve the new goal by focusing on technologies to sell value-added ships, such as liquefied natural gas and LPG carriers, and launching new businesses, Kwon Oh-gap, HHI’s Chairman and Chief Executive, said during a press conference on April 16.

The company would establish a research and development center in Pangyo, Gyeonggi Province, which would help drive the company’s future success. The center, to be established by 2021, is expected to house up to 7,000 researchers and experts.

Furthermore, HHI is to unveil a new business initiative as early as next month, the chairman said, hinting that the company’s refinery unit Hyundai Oilbank could form a joint venture.