Smooth Sailing Across All Sectors... Hyundai Glovis Posts 439.3 Billion KRW Operating Profit in 2Q

Growth in Logistics, Shipping, and Distribution Businesses

Hyundai Glovis sailed smoothly in the second quarter of this year, achieving an operating profit of approximately 440 billion KRW. Despite external factors such as the global economic downturn and exchange rates, the company showed growth across all sectors including logistics, shipping, and distribution.

Hyundai Glovis announced on the 25th that it posted provisional results for the second quarter of this year with sales of 7.0644 trillion KRW and an operating profit of 439.3 billion KRW. These figures represent increases of 8.1% and 6.5%, respectively, compared to the same period last year. As a result, the company recorded total sales of 13.6508 trillion KRW and an operating profit of 824.1 billion KRW for the first half of the year.

A Hyundai Glovis official explained, "In the second quarter, external variables such as the global economic downturn, logistics industry conditions, and exchange rates continued. Nevertheless, through efforts to secure profitability, we realized profit improvement by increasing sales volume across all business divisions."

By detailed business segment, the logistics business recorded sales of 2.4344 trillion KRW and an operating profit of 202.7 billion KRW. This increase in sales by 7.8% year-on-year was attributed to growth in inland transportation volume of overseas finished vehicles and non-affiliated overseas logistics volume.

In the shipping sector, sales reached 1.2878 trillion KRW with an operating profit of 78.5 billion KRW, marking increases of 22.3% and 6.2% respectively compared to the same period last year. The adjustment of shipping rates for finished vehicle maritime transport and an increase in high-rate non-affiliated volume were key factors.

The distribution business recorded sales of 3.3422 trillion KRW and an operating profit of 158.1 billion KRW. Operating profit increased by 33.1% year-on-year due to the effects of exchange rates and volume growth.

Hyundai Glovis plans to pursue a strategy in the second half of the year that focuses on both scale and profitability. The company has projected full-year performance with sales between 26 trillion and 27 trillion KRW and operating profit between 1.6 trillion and 1.7 trillion KRW. Furthermore, it plans to execute large-scale investments exceeding 9 trillion KRW over the next six years through 2030, aiming to achieve sales of over 40 trillion KRW and an operating profit margin of around 7%.

A Hyundai Glovis official stated, "Based on our mid- to long-term growth strategy and improved shareholder return policy, we will continue to do our best to enhance corporate value."

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