1. What Happened at SK Oceanplant?

SK Oceanplant reported revenue of KRW 240.6 billion, operating profit of KRW 15.5 billion, and net income of KRW 8.4 billion in H1 2025. While revenue fell short of market expectations, both operating and net income significantly exceeded forecasts, continuing the trend towards profitability.

2. Behind the Surprising Earnings

The primary drivers for improved profitability are cost reductions and increased efficiency. Decreased debt-to-equity ratio and increased current ratio also strengthened the company’s financial health. However, the reasons behind the revenue shortfall require further analysis.

3. SK Oceanplant’s Investment Outlook

The growth of the offshore wind power market and robust demand in the defense/special vessel sector underpin SK Oceanplant’s long-term growth potential. However, exchange rate volatility and macroeconomic uncertainty require ongoing monitoring.

4. Action Plan for Investors

  • Analyze the reasons for revenue shortfall and future order trends.
  • Evaluate the sustainability of profitability improvements.
  • Analyze the competitive landscape in the offshore wind power market.