Hyundai Movex Achieves Record High Performance Since Inception... "Accelerating Global Expansion Strategy"

"Overcoming Crisis Through Business Diversification and Operational Efficiency"
Accelerating Advancement of Portfolio, Technology, and Operational Systems

Hyundai Movex recorded its highest performance since its establishment last year.

Inside Hyundai Movex Cheongna R&D Center. Provided by Hyundai Movex

On the 19th, Hyundai Movex announced its confirmed 2024 performance results, reporting sales of 341.4 billion KRW, operating profit of 24.6 billion KRW, and net profit of 26.9 billion KRW for the previous year. Compared to the previous year, sales increased by 27%, operating profit by 493%, and net profit by 540%, respectively.

A Hyundai Movex representative explained, "We overcame supply chain disruption risks through global expansion, diversification into new businesses, and operational efficiency measures, and built a growth foundation with consecutive large-scale global orders in North America, Australia, and other regions. As orders progressed domestically and internationally centered on these sites, both sales and operating profit increased significantly."

New order achievements also reached an all-time high. After surpassing 400 billion KRW in annual orders for the first time in 2023, last year the company achieved 420 billion KRW, setting a new record for the highest order amount.

Major overseas order achievements include smart logistics construction projects such as the EcoPro BM Canada cathode material plant, a global battery material company’s cathode material plant in the United States, and a battery pack plant in Arizona, USA, as well as the Sydney subway screen door installation project in Australia.

Hyundai Movex expressed its intention to accelerate its global expansion strategy this year to drive sustainable growth. The company plans to overcome an unstable business environment caused by reduced investments due to domestic and international economic downturns and intensified competition in the automation industry through portfolio, technology, and operational system advancement.

First, it will expand its global customer base by advancing its business portfolio. The strategy is to actively explore new overseas markets while maximizing profitability through expanding service businesses such as equipment retrieval from other companies and replacement of aging equipment.

The global expansion potential of the 'subway screen door,' a core business pillar, is also noteworthy. Since successfully entering overseas markets with the Sydney subway order in Australia in 2022, Hyundai Movex has been steadily strengthening its global sales of screen doors.

Additionally, centered on the Cheongna R&D Center, the company will continue to advance technology such as AI- and robot-based high value-added product production, and strengthen business management capabilities through operational system advancement across the entire process including consulting, design, manufacturing, supply, and maintenance.

A Hyundai Movex representative said, "Last year’s performance is significant as it achieved balanced results across various industries such as tires, secondary batteries, pharmaceuticals and bio, distribution, and parcel delivery, along with expanding its global business territory in North America and other regions. This year, we will actively implement core business advancement strategies to build a solid foundation for sustainable growth."

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