Fact Summary
Hanil Cement manufactures and sells cement, dry mortar, and ready-mixed concrete. Its closing price on 2026-08-18 was KRW 14,860 (-1.59% vs. previous close, trading volume 186,360 shares). FY2025 consolidated revenue was KRW 1.4239 trillion (-18.25% YoY) and operating profit was KRW 132.7 billion (-51.1% YoY), while H1 2026 (cumulative) revenue was KRW 664.0 billion and operating profit was KRW 78.6 billion. With a merger effective date of 2025-11-01, the company absorbed Hanil Hyundai Cement, and the merger-issued new shares were listed on 2025-11-21.
Price Change Context Note
Domestic cement shipments in 2025 totaled 38.1 million tons, down 12.8% YoY — the lowest level in 34 years since 1991. Rising international thermal coal prices (US$130.15/ton as of 2026-08-17) and a weakening KRW/USD exchange rate (KRW 1,412.60 as of 2026-08-18) acted as cost-side pressures. Despite these conditions, and despite FY2025 operating profit falling 51.1% YoY, the year-end payout ratio was maintained at a 99.11% level.
Business Overview
Hanil Cement is a company under the Hanil Holdings group structure, focused on manufacturing and selling cement, dry mortar (remital), and ready-mixed concrete (remicon). It operates Portland cement plants in Danyang, Yeongwol, and other locations, and slag cement plants in Pyeongtaek, Dangjin, and other locations (Source: compiled web research; exact plant count and utilization rate not available).
Revenue composition varies across secondary sources and is for reference only (based on Source A). The segment-level revenue breakdown from the original DART semi-annual report is not available.
5-Year Financial Trend
| Period | Operating Margin | Net Margin | Debt Ratio | ROE (simple) |
|---|---|---|---|---|
| 2021 | 9.47% | 6.76% | 62.53% | 5.90% |
| 2022 | 7.93% | 5.89% | 56.24% | 5.56% |
| 2023 | 13.70% | 9.88% | 66.82% | 10.34% |
| 2024 | 15.58% | 11.43% | 62.51% | 10.82% |
| 2025 | 9.32% | 5.70% | 62.39% | 4.34% |
| 2026 H1 (cumulative) | 11.84% | 8.70% | 62.14% | 3.12% (simple, not annualized) |
Source data: DART annual/semi-annual reports (A). 2023-2024 was the peak period for revenue and profit, with a sharp slowdown starting in 2025.
Fact-Based Multiples (Valuation)
PER and PBR are fact-based multiples calculated in-house using confirmed financial data (DART). EV/EBITDA cannot be calculated due to undisclosed depreciation expense (not available).
Peer Comparison
By FY2023 revenue, industry rankings were: 1st Ssangyong C&E (KRW 1.4538 trillion), 2nd Hanil Cement (KRW 1.2637 trillion), 3rd Sampyo Cement (KRW 775.9 billion), 4th Sungshin Cement (KRW 758.3 billion) (secondary source). Revenue scale expanded following the November 2025 merger with Hanil Hyundai Cement, but confirmed FY2026 rankings are not available.
Investor Trading Flows
| Period | Individual | Institutional | Foreign |
|---|---|---|---|
| 1 Month (2026-07-20~08-18) | -93,705 shares | -15,674 shares | +92,996 shares |
| 1 Week (2026-08-11~08-18) | +42,802 shares | -50,497 shares | -5,834 shares |
Source: alphasquare.co.kr (secondary source, not cross-checked against original KRX data). Foreign ownership 4.29% (as labeled, dated 2026-08-19, single snapshot).
Governance and Capital Structure
| Date | Event |
|---|---|
| 2025-07-17 | Hanil Cement and Hanil Hyundai Cement boards resolve to merge (merger ratio 1 : 1.0028211) |
| 2025-11-01 | Merger effective date — Hanil Cement survives, Hanil Hyundai Cement dissolved |
| 2025-11-21 | Merger-issued new shares listed, Hanil Hyundai Cement delisted |
With the merger completed, the former grandchild-subsidiary structure of 'Hanil Holdings → Hanil Cement → Hanil Hyundai Cement' was dissolved, simplifying it into a two-tier structure in which Hanil Holdings directly controls Hanil Cement (Source: WiseReport shareholding status, TheBell 2025-07-17). Total shares outstanding are 73,545,209 (par value KRW 500, reference date not available, Hanil Cement official website).
Macro Environment
| Factor | Value (as of) | Impact Direction |
|---|---|---|
| BOK Base Rate | 2.75% (raised 2026-07-16) | Negative |
| KRW/USD Exchange Rate | KRW 1,412.60 (2026-08-18) | Negative |
| Thermal Coal (Newcastle) International Price | US$130.15/ton (2026-08-17) | Negative |
| Domestic Cement Shipments | 38.1 million tons (2025, -12.8% YoY)† | Negative |
| 2026 SOC Budget | KRW 27.4506 trillion (+7.9% YoY) | Positive |
| K-ETS Carbon Allowance (KAU25) | KRW 15,150/ton (2026-03-13) | Negative |
Source: compiled from Bank of Korea, Investing.com, Korea Policy Briefing, Energy Economy Newspaper, and others. The impact direction indicates a factual cost/demand transmission channel and does not constitute an investment judgment. † Some reports (e.g., sources other than TheBell and Newspim affiliates) cite 2025 shipments at 36.5 million tons (approx. -16% YoY), indicating a discrepancy in figures — the confirmed figure is not available.
Recent News Timeline
- 2026-08-11 — Launch of the 'automated heat-illness warning system' at the Yeongwol plant in Gangwon in response to extreme heat (Newsis, et al.)
- 2026-07-27 — Q1 2026 revenue KRW 293.0 billion, operating profit KRW 17.0 billion; industry attributes this to the effect of the 'temperature-adjusted strength system' (Newspim)
- 2026-07-20 — Korea Cement Association cites 2025 shipments of 38.1 million tons (-12.8% YoY), the lowest in 34 years, warning of deepening business difficulties (Newspim)
- 2026-07-06 — Reported 2026 investment plan of approx. KRW 651.4 billion, including eco-friendly facilities (Newsway)
- 2026-06-23 — FY2025 operating profit KRW 132.7 billion (-51.1% YoY); year-end dividend increased from KRW 69.3 billion to KRW 73.5 billion, payout ratio 99.11% reported (SEN TV)
- 2026-05-20 — Cumulative investment in the 'ECO Project' reaches KRW 500.5 billion (approx. 95% of planned execution); plant utilization rate reported to have fallen from 76% in 2022 to 59% in 2025 (DealSite Economy TV)
- 2026-04-14 — Unsecured public corporate bonds issued at an increased KRW 97.0 billion (originally planned at KRW 60.0 billion), subscription ratio 2.93:1, rated A+ (Newsway)
No company-specific news was confirmed on the reference date of 2026-08-18. Most items are based on secondary reporting.
Risk Factors
- Industry conditions/demand — 2025 cement shipments of 38.1 million tons (-12.8% YoY, lowest in 34 years); plant utilization fell from 76% in 2022 to 59% in 2025 (July 2026 reports mention levels in the 50% range)
- Costs/profitability — Thermal coal international price in the $130/ton range, KRW/USD exchange rate at an elevated KRW 1,412.60, FY2025 operating profit down 51.1% YoY
- Environmental regulation — Burden of investment in nitrogen oxide reduction facilities; K-ETS carbon allowance (KAU25) price roughly doubled versus August 2025 (KRW 15,150 as of 2026-03-13)
- Finance/capital allocation — FY2025 payout ratio of 99.11% (secondary source), an unusually high level; corporate bonds issued at an increased KRW 97.0 billion in April 2026
- Governance/business combination — Details on one-off costs and consolidated financial statement treatment related to the Hanil Hyundai Cement merger (2025-11-01) are not available
- Trading flows — Institutional and foreign investors both turned net sellers over the most recent week (08-11~08-18); short-selling trading ratio rose to 9.45% on 08-18 (secondary source, not cross-checked against original KRX data)
The interest coverage ratio cannot be calculated due to undisclosed interest expense (not available). Legal factors such as collusion or litigation were not identified in the research (not available).
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Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange (KRX) · NASDAQ · DART · SEC EDGAR