[Announcement+] Hyundai Gongup, Operating Profit of 3.4 Billion KRW Last Year... Turned to Black

[Asia Economy Reporter Eunmo Koo] Hyundai Industrial, a company specializing in automotive interior materials, announced on the 27th through a public disclosure that it achieved a turnaround to profitability with an operating profit of 3.4 billion KRW based on consolidated financial statements for last year. During the same period, sales increased by 5% to 166.7 billion KRW, and net profit also grew significantly to 4.3 billion KRW compared to 1 billion KRW the previous year.

The strong sales performance in the domestic market is interpreted as the main factor behind the improved results. The increase in premium models led by the Genesis brand, along with the launch effects of new sports utility vehicles (SUVs) such as the GV80 and Sorento, contributed to strong performance in the domestic market. Domestic sales rose 14% compared to 2018, and profitability improved significantly, offsetting the sluggish performance of the Chinese subsidiary.

The company expects that with continued domestic market activation, double-digit sales growth exceeding last year will continue this year. Currently, orders for premium models and new SUVs have been secured, and with the added effect of new car launches, domestic performance is expected to expand continuously.

Along with the earnings announcement, Hyundai Industrial also announced a cash dividend of 66 KRW per share. The total dividend amount is approximately 1 billion KRW. The dividend record date is December 31 of last year, and it will be finalized after approval at the regular shareholders' meeting next month.

This content was produced with the assistance of AI translation services.