Hyundai Glovis "The First Year to Expand Non-Affiliated Customers... Actively Considering Strategic M&A"

Lee Gyubok: "We Will Open a Sustainable Future"
Strengthening Cost Competitiveness and Expanding PCTC Proportion

Hyundai Glovis will actively strengthen its business and cost competitiveness, expand the proportion of Pure Car and Truck Carriers (PCTC), and pursue strategic mergers and acquisitions (M&A) and equity investments.

Lee Gyubok, CEO of Hyundai Glovis, is presiding over the 24th Annual General Meeting of Shareholders held on the 25th at Hyundai Glovis headquarters in Seongdong-gu, Seoul. Photo by Hyundai Glovis

On the 25th, Lee Gyu-bok, CEO of Hyundai Glovis, said at the '24th Annual General Meeting of Shareholders' held at the Seongsu headquarters in Seoul, "This year, we will make it the first year of growth through asset expansion, mutual growth with group affiliates, and expansion of non-affiliated customers, and continuously expand our business."

Although a challenging management environment is expected this year due to changes in global external conditions such as tariff policies in various countries, the company is determined to strive to open a sustainable future.

First, in the logistics business, Hyundai Glovis will promote logistics stability and efficiency enhancement and service advancement. The CEO said, "We will strengthen end-to-end logistics services that provide customers with the entire logistics process and expand non-affiliated businesses."

In the shipping business, the company will improve profitability by securing cost competitiveness and expanding orders from non-affiliated customers. He emphasized, "As announced at the end of last year, we have strengthened business stability by signing long-term maritime transportation contracts for finished vehicles with affiliated customers. We will solidly prepare to expand non-affiliated customers, especially those from the Far East, by securing fixed vessels centered on owned and long-term chartered ships and improving operational efficiency." He added, "We will also continue the eco-friendly energy maritime transportation business, including liquefied natural gas (LNG) and ammonia."

Additionally, the CEO stated, "In the distribution business, we will increase sales scale such as the CKD business and establish a foundation for new businesses." He explained, "We will expand the supply countries for CKD parts and promote new sales growth through the operation of overseas new plants. We will also establish a recycling collection base and a group-linked strategic material supply system."

Meanwhile, Hyundai Glovis recorded its highest-ever sales last year, reaching 28.4074 trillion KRW, a 10.6% increase from the previous year. Sales growth was seen across all business sectors, and operating profit also increased by 12.8% during the same period to 1.7529 trillion KRW.

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