[Asia Economy Reporter Choi Dae-yeol] Hyundai Glovis announced on the 30th that its operating profit last year reached 1.7985 trillion KRW, a 60% increase compared to the previous year. Sales rose 24% during the same period to 26.9819 trillion KRW. Net profit increased by 52% to 1.1928 trillion KRW.
By sector, all three major business divisions?logistics, shipping, and distribution?showed balanced growth. Operating profit in the logistics division was 626.9 billion KRW, shipping 424.1 billion KRW, and distribution 747.5 billion KRW. All increased by double digits or more.
In logistics, the volume of goods handled by both affiliated and non-affiliated companies increased domestically and internationally, and the favorable exchange rate also contributed significantly. The shipping division also saw increased profits due to higher finished vehicle transport volumes and exchange rate effects.
The company explained, "The increase in cargo volume from global automobile companies, combined with favorable maritime freight rates and exchange rate conditions, led to strong overall performance." It added, "Given the expected challenging business environment this year due to economic slowdown from interest rate hikes in major countries and ongoing international tensions, we plan to respond swiftly to market conditions and focus on securing profitability."
Meanwhile, the company announced that it has decided on a year-end dividend of 5,700 KRW per share this year. The dividend yield is 3.3%, with a total dividend amount of 213.75 billion KRW. To enhance predictability for investors, the company plans to increase the dividend per share by 5-50% through 2024. Last year’s dividend per share was raised by 50% compared to the previous year.
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