Hyundai Glovis Reports Record High Operating Profit of 1.1 Trillion KRW Last Year

[Asia Economy Reporter Kiho Sung] Hyundai Glovis recorded its highest-ever sales and operating profit last year, driven by the recovery in global finished vehicle demand.

On the 26th, Hyundai Glovis announced through a public disclosure that its consolidated operating profit for last year was tentatively estimated at 1.1262 trillion KRW, a 70.1% increase compared to the previous year. Sales reached 21.7796 trillion KRW, and net profit was 783.2 billion KRW, marking increases of 31.8% and 29.2%, respectively, from the previous year.

Operating profit for the fourth quarter of last year was 325.1 billion KRW, up 85.6% year-on-year. Sales and net profit for the same quarter were 5.8437 trillion KRW and 256.2 billion KRW, respectively.

Hyundai Glovis attributed these results to the recovery in finished vehicle demand amid the global economic rebound, which led to balanced performance across all businesses including logistics, shipping, and distribution.

A Hyundai Glovis official explained, "In the shipping business, based on positive market conditions and unique competitiveness, we expanded cargo contracts with companies outside the Hyundai Motor Group affiliates," adding, "As a result, we achieved performance exceeding market expectations."