Hyosung Group Achieves Record High Performance Last Year... Sales 21.2 Trillion KRW, Operating Profit 2.7 Trillion KRW

[Asia Economy Reporter Jeong Dong-hoon] Hyosung Group recorded its highest-ever performance last year, surpassing 21 trillion won in sales and 2 trillion won in operating profit. This achievement comes five years after Chairman Cho Hyun-joon took office, and Hyosung is expected to maintain solid results this year as well.

On the 26th, Hyosung Group announced sales of 21.2804 trillion won and operating profit of 2.7702 trillion won. Compared to the previous year, sales increased by 42.3% and operating profit rose by 410.2%.

Hyosung achieved annual sales of 3.5389 trillion won and operating profit of 640.6 billion won last year. Sales rose 36.3% and operating profit increased 367.2% year-on-year. The performance improvements continued among subsidiaries such as Hyosung TNC, Hyosung Advanced Materials, and Hyosung Heavy Industries. In particular, major subsidiary Hyosung TNS succeeded in turning a profit compared to the previous quarter due to increased overseas orders and the full-scale sale of domestic automation solutions.

Hyosung TNC recorded sales of 8.596 trillion won and operating profit of 1.4237 trillion won. These figures represent increases of 66.5% and 434%, respectively, compared to the previous year. As a single business company, it achieved over 1 trillion won in both total operating profit and net profit in 2021. Net profit rose 499% year-on-year to 1.0079 trillion won.

Hyosung Group explained that the overall operating profit increased compared to the previous year due to the higher blending ratio of spandex used in clothing and the impact of the expanded factory in Turkey, which was completed in August last year. The group also stated that with the full-scale operation of the Ningxia factory in China in 2022, it will strengthen its performance centered on the Chinese domestic market.

Hyosung Advanced Materials achieved sales of 3.5978 trillion won and operating profit of 437.3 billion won last year. Sales increased 50.2% year-on-year, and operating profit surged 1178.7%. Both total sales and operating profit recorded the highest performance since the holding company split. As the expansion effects of new material business units took full effect, aramid improved sales and profitability through economies of scale, and carbon fiber also saw improved sales and profitability due to increased demand and rising prices. Hyosung Chemical posted annual sales of 2.453 trillion won and operating profit of 148.5 billion won.

Hyosung Group expects that this year, the core businesses of each subsidiary will continue to perform strongly, further expanding profitability. Hyosung explained, "We anticipate improved performance in high value-added products such as aramid, carbon fiber, and NF3, and demand for renewable energy generation is also increasing both domestically and internationally."