Hyundai Motor Securities Reports Operating Profit of 131.5 Billion KRW Last Year... Record High Performance

[Asia Economy Reporter Park Jihwan] Hyundai Motor Securities posted its highest-ever operating profit and net income last year.

On the 28th, Hyundai Motor Securities announced that its consolidated operating profit for last year reached 131.5 billion KRW and net income was 94.6 billion KRW. This represents an increase of 33.6% and 31.8% respectively compared to the previous year. Earlier, Hyundai Motor Securities surpassed 100 billion KRW in operating profit on a cumulative basis by the third quarter of last year.

By division, the Wealth Management (WM) sector achieved record-high performance, and all branches succeeded in turning a profit. In the Investment Banking (IB) sector, the rapid growth of the e-commerce market due to the prolonged COVID-19 pandemic made it effective to focus early on high-quality deals such as domestic logistics centers.

Additionally, the Proprietary Investment (PI) division supported the performance by earning stable dividend income and valuation gains from high-quality domestic and overseas assets previously invested in.

It is noteworthy that despite reflecting a provision of about 20 billion KRW following the civil second trial damage compensation ruling related to China National Chemical Engineering Group Corporation (CERCG) on the 21st, the company maintained a steep growth trend.

A Hyundai Motor Securities official said, "Considering the trust relationship with shareholders and customers, we resolved litigation-related risk factors through conservative accounting treatment," adding, "Since there was a significant improvement in performance, the impact of the one-time cost incurred this time is limited."

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