Hyosung's Rapid Growth Since Chairman Cho Hyun-jun's Inauguration... Operating Profit Reaches 2.77 Trillion Won
276% Growth Compared to 5 Years Ago... 'Customer Voice-Centered Management' Effect
Emphasis on Premium Brands and Effective Global Management
Hyosung Group achieved its highest-ever performance last year. This is the result of five years since Chairman Cho Hyun-joon took office. It represents a 276% increase compared to the operating profit of 770.8 billion KRW in 2017, when Chairman Cho assumed his position. This was due to the simultaneous rise in domestic and international performance of major business companies such as textiles, eco-friendly materials, and chemicals.
According to the business community on the 27th, Hyosung Group recorded sales of 21.2804 trillion KRW and operating profit of 2.7702 trillion KRW last year. Compared to the previous year, sales increased by 42.3% and operating profit by 410.2%.
Management focused on the Voice of the Customer (VOC), which Chairman Cho has emphasized since taking office, is showing visible results. Recently, Hyosung has stressed the importance of premium brands that enhance customer value and is concentrating on fostering eco-friendly businesses such as liquefied hydrogen and carbon fiber, which are considered future growth engines. In particular, this performance is analyzed to have been driven by global management, such as Hyosung TNC expanding spandex factories in Turkey, Brazil, and China during the COVID-19 pandemic in 2020.
Hyosung recorded annual sales of 3.5389 trillion KRW and operating profit of 640.6 billion KRW last year. Sales increased by 36.3% and operating profit by 367.2% compared to the previous year.
Especially, Hyosung TNC, a textile material company, was the only single business company to achieve more than 1 trillion KRW in both annual operating profit and net profit. Hyosung TNC recorded sales of 8.596 trillion KRW and operating profit of 1.4237 trillion KRW. These figures represent increases of 66.5% and 434%, respectively, compared to the previous year. Net profit recorded 1.0079 trillion KRW, a 499% increase from the previous year.
Hyosung Group expects that this year, the main businesses of each business company will continue to show strength and profits will further expand. A company official explained, "Performance of high value-added products such as aramid, carbon fiber, and NF3 is expected to improve, and demand for renewable power generation is also increasing both domestically and internationally."
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