IPark Hyundai Development posts best quarterly operating profit in 6 years on 'Seoul One' momentum

IPark Hyundai Development posted a consolidated third-quarter operating profit of 165.8 billion won ($125 million), the company announced Thursday. The result marks the first time the company has exceeded 160 billion won in operating profit in a single quarter in about six years.

According to preliminary earnings released Thursday, third-quarter sales came in at 1.08 trillion won, with an operating profit margin of 15.3% — the third consecutive quarter of double-digit margins, which the company described as among the highest in the industry. Net profit reached 111.3 billion won, up 179.2 percent from the same period a year earlier.

The strong results were driven by the full ramp-up of construction at Seoul One IPark, the company's flagship project, along with improved cost ratios at high-quality sites including Cheonan IPark City and Paju Unjeong IPark Forest.

The groundbreaking of key projects such as Cheongju Gagyeong IPark complexes 7 and 8 also contributed, as did the steady progress of large-scale developments including the Bokjeong transit-oriented development and a private investment project to build a sports and convention complex in Jamsil.

"We will firmly establish a virtuous cycle of value enhancement so that improved earnings continue to translate into stronger financial health and greater shareholder value," a company official said.

IPark Hyundai Development has continued its efforts to provide residents with comfortable living environments through a range of specialized designs. Most recently, its Iksan Busong IPark development received the grand prize in the residential culture service category at The Herald Business's "Home I Want to Live In 2026" awards.

In the second half of this year, the company has secured a string of construction contracts at key redevelopment sites in the greater Seoul area, including the Seongnam Taepyeong District 3 project, valued at 900.3 billion won, and the Uijeongbu Jangam District 2 project, valued at 900.2 billion won.