Domestic Demand Slump and Export Resilience... KG Mobility Records Consecutive First Half-Year Profit for 2 Years

KG Mobility announced on the 26th that its operating profit for the second quarter of this year was 10.6 billion KRW, a 43.6% decrease compared to the same period last year.

Sales amounted to 984.9 billion KRW, down 2.0% from the same period. Net profit was 32.6 billion KRW, an increase of 81.1%. For the first half of the year, operating profit was 25.7 billion KRW and sales were 1.9866 trillion KRW, representing decreases of 8.9% and 5.0% respectively compared to last year.

Domestic sales declined due to the economic downturn. Domestic sales volume for the first half was 23,978 units, a 38.5% decrease compared to the same period. However, focusing on exports, 32,587 units were sold overseas. Exports increased by 24.5% compared to the first half of last year.

Actyon, which recently started pre-orders
Photo by KG Mobility

The company explained, "Despite the decrease in domestic sales, export volumes increased by targeting overseas markets through expanded new product launches, and penalties related to electric vehicle sales were reversed, resulting in operating profits for the second consecutive quarter following the first quarter. The surplus for the first half marks the second consecutive year of profitability following last year, which was the first surplus in seven years since 2016."

To increase exports, the company held test drive events in Turkey and New Zealand in March this year and introduced new vehicles in New Zealand and Paraguay in June. A customer experience center was also opened in Ilsan, South Korea. The recently unveiled Actyon exceeded 16,000 pre-orders on the first day and surpassed 35,000 within a week.

A company official stated, "We are maintaining a profit trend and strengthening the foundation for business normalization. Through differentiated marketing strategies and market responsiveness, we will not only expand sales volume but also further improve our financial structure."

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