Hyundai Corporation announced on the 31st that it recorded KRW 1.807 trillion in consolidated sales, and KRW 37.2 billion in operating profits in the third quarter. Compared to the same period last year, the sales went up 7.1%, and operating profits went up 38.6%.
The strong performances were seen in Hyundai Corporation’s flagship trading businesses including steel, automobiles, and construction equipment. Hyundai Corporation continued to increase export transactions of premium Korean steel based on its global steel trading network. In Southeast Asia, the company expanded its new profit momentum by building a network capable of quickly sourcing supplies to support the region’s growing steel production. As interest rates declined globally, purchasing confidence improved for previous customers and emerging markets, resulting in increased demand.
The favorable performances were also supported by project businesses like B2G (Business-to-Government). Hyundai Corporation had good results from supplying military vehicles to government agencies in Africa and the CIS (Commonwealth of Independent States in the former Soviet Union), and in infrastructure construction projects in developing countries using the Economic Development Cooperation Fund (EDCF). For Guam Power Authority (GPA), the company supplied eco-friendly ultra-low sulfur diesel (ULSD) for a newly constructed power plant, alongside heavy fuel oil for existing power generation facilities.
In addition, the company benefited from increased orders in its North American transformer business, driven by the booming power equipment market in the U.S. A significant increase in transformer exports from small to medium-sized companies, which previously had relatively limited overseas sales networks, contributed to the profit growth.
A representative from Hyundai Corporation said, “Following the first and second quarters, the company has once again achieved its best results since its inception. This result is not a one-time event but is based on the strengthened trading capabilities and extended profit base in mid- to long-term project businesses.”
October 31, 2024
Money Today