Kia Posts Q2 Operating Profit of 2.2341 Trillion KRW... First Time Surpassing 2 Trillion KRW 'Record High Performance' (Update)

21.876 Trillion KRW in Sales, Up 50.2% Year-on-Year

[Asia Economy Reporter Kiho Sung] Kia recorded IFRS consolidated sales of 21.876 trillion KRW and operating profit of 2.2341 trillion KRW in the second quarter of this year. This is the first time quarterly operating profit has exceeded 2 trillion KRW, marking the highest performance ever.

On the 22nd, Kia announced through an electronic disclosure that it sold 733,749 units on a wholesale basis in the second quarter, with business results of sales revenue of 21.876 trillion KRW, operating profit of 2.2341 trillion KRW, ordinary profit of 2.6239 trillion KRW, and net profit of 1.881 trillion KRW.

Kia's global sales in the second quarter were ▲140,868 units domestically, down 5.0% year-on-year ▲592,881 units overseas, down 2.1% year-on-year ▲totaling 733,749 units globally, down 2.7% year-on-year.

Second-quarter sales revenue reached 21.876 trillion KRW, up 19.3% year-on-year, driven by the full-scale sales of the EV6 and new Sportage in the North American and European markets, an increase in selling prices due to overall model specification upgrades, and favorable exchange rate effects.

As a result, operating profit in the second quarter rose 50.2% year-on-year to 2.2341 trillion KRW, and the operating profit margin increased by 2.1 percentage points to 10.2%.

Meanwhile, Kia's cumulative business results for the first half of this year were ▲sales of 1,419,488 units (down 1.7% year-on-year) ▲sales revenue of 40.2332 trillion KRW (up 15.2%) ▲operating profit of 3.8405 trillion KRW (up 49.8%) ▲net profit of 2.9135 trillion KRW (up 22.5%).

A Kia official commented on the second-quarter results, saying, “Although wholesale sales declined due to ongoing parts supply disruptions and inventory shortages, sales and profitability expanded thanks to a sales structure focused on high-profit vehicles based on strong product competitiveness, a ‘getting the right price’ pricing policy through reduced incentives, and favorable exchange rate effects.”

He also stated, “Strong demand for Kia vehicles continues across all models and regions, and with expected easing of production disruptions due to improvements in the supply of key parts including semiconductors in the second half, we anticipate a full-scale recovery in sales.”

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