Motrex Reports Q1 Sales of 109.4 Billion Won... "Record High Performance"

[Asia Economy Reporter Yoo Hyun-seok] Motrex announced on the 12th that it recorded consolidated sales of 109.4 billion KRW and operating profit of 8.8 billion KRW in the first quarter. These figures represent increases of 2.6% and 57.1%, respectively, compared to the same period last year. The net profit for the period was 6.5 billion KRW.

Following a turnaround to operating profit last year, Motrex achieved its highest-ever management performance in the first quarter of this year. The company attributed the growth in performance to ▲ increased sales of AVNT, the next-generation vehicle infotainment (IVI) product, and ▲ increased sales from its subsidiary Jeonjin Construction Robot.

The company's AVNT product created a sensation in the global market, driving first-quarter results, while high value-added products such as Rear Seat Entertainment (RSE) and air purifiers also showed strong sales, contributing to encouraging growth. AVNT is a product that adds telematics, a communication service, to the existing AVN (Audio Video Navigation), enabling automatic updates.

Motrex is increasing its market share by responding to the continuously growing demand for infotainment systems in about 70 emerging countries.

The future business outlook for Motrex is also bright. With the advent of the electric vehicle and autonomous vehicle era, high growth in the PBV (Purpose Built Vehicle) market is expected. Motrex plans to continue its growth as an optimized company in the PBV market, possessing various technologies and project execution capabilities in the PBV field.

The sales increase of Jeonjin Construction Robot, which manufactures construction machinery equipment and special-purpose vehicles, also contributed positively to the company's performance. This is interpreted as due to expanded infrastructure investment following the global economic recovery. With the recent announcement of infrastructure stimulus measures by the Biden administration, a surge in demand for construction machinery is anticipated. Since the North American region accounts for the largest portion of Jeonjin Construction Robot's sales, direct benefits are expected in the future.

CEO Lee Hyung-hwan stated, “This year marks the 20th anniversary of Motrex’s establishment, making it a meaningful year. We expect to grow further throughout the year by normalizing management in the first quarter,” and added, “Going forward, Motrex and Jeonjin Construction Robot will do their best to repay the trust and support of our shareholders.”

Meanwhile, the company plans to proceed with the initial public offering (IPO) of its subsidiary Jeonjin Construction Robot. The lead underwriter is Mirae Asset Securities.