Hyundai Mobis achieved an 'earnings surprise' last year by posting operating profits that exceeded market expectations. This was thanks to the recovery in profitability driven by increased adoption of high value-added core components such as electrification parts.
On the 23rd, Hyundai Mobis announced that its operating profit for last year reached 3.0735 trillion KRW, a 34% increase compared to the previous year. This figure significantly surpassed the market consensus of 2.8 trillion KRW. During the same period, sales amounted to 57.237 trillion KRW, a 3% decrease.
For the fourth quarter of last year, sales were 14.7107 trillion KRW and operating profit was 986.1 billion KRW. These represent increases of 0.3% and 88.5%, respectively, compared to the same quarter of the previous year.
A Hyundai Mobis official explained, "The increase in operating profit was driven by the product mix effect, including the expanded application of high value-added core components, along with overall profitability improvement activities."
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