Motrex Reports Record Q1 Performance with 146.1 Billion KRW in Sales and 15 Billion KRW Operating Profit

Motrex (CEO Lee Hyunghwan) announced on the 10th through a public disclosure that it achieved its highest-ever performance in the first quarter.

Motrex, a specialist company in IVI, recorded consolidated financial statements showing sales of 146.1 billion KRW, operating profit of 15 billion KRW, and net profit of 11.9 billion KRW in the first quarter of 2023.

Sales increased by 11.5%, operating profit by 52.8%, and net profit by 48.6% compared to the same period last year, showing significant growth in all areas. This is the highest first-quarter performance since Motrex was founded.

The main factors for the strong first-quarter results include ▲an increase in sales volume of the core product IVI leading to expanded sales ▲profit improvement due to reduced logistics costs and commission fees ▲increased profit margin by covering fixed manufacturing costs through a higher proportion of in-house production ▲profit improvement effects from the strong dollar due to the export nature of the business ▲and increased performance of the subsidiary Jeonjin Construction Robot.

A company official stated, “Sales and profits grew significantly compared to the same period last year, and we are doing our best to continue achieving strong results by monitoring raw material price trends amid exchange rate fluctuations and inflation going forward.”

Furthermore, since the PBV (Purpose Built Vehicle) autonomous driving project and electric vehicle charging business, which have not yet been reflected in the performance, are approaching visibility, Motrex’s growth is expected to continue.

Meanwhile, Jeonjin Construction Robot, which manufactures construction machinery equipment and special-purpose vehicles, is expected to maintain its growth trend due to increased demand for construction machinery in the North American region and favorable construction market conditions in the Middle East and Europe.

Motrex CEO Lee Hyunghwan said, “We were able to achieve the highest-ever first-quarter performance through increased sales and improved margins of our core products,” adding, “We will continue quantitative and qualitative growth by actively launching new businesses such as PBV and electric vehicle chargers.”

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