Hyundai Glovis Posts Record Q3 Results, Operating Profit at KRW 566.5 Billion

Revenue rose 23.1% to KRW 9.0536 trillion
Operating profit up 8.1%; operating margin at 6.3%
"Expansion of high-rate business with non-affiliates and improved cost efficiency"

Hyundai Glovis posted record-high quarterly revenue and operating profit in the third quarter.

Artist's rendering of Hyundai Glovis' Incheon Airport Logistics Center. Hyundai Glovis

According to a disclosure on October 30, Hyundai Glovis reported third-quarter revenue of KRW 9.0536 trillion and operating profit of KRW 566.5 billion. These figures were up 23.1% and 8.1%, respectively, from the same period last year. Its operating margin was 6.3%.

The company said it had posted solid results despite an uncertain external business environment, including unresolved geopolitical risks, thanks to the expansion of its high-rate business with non-affiliates and continued efforts to improve cost efficiency.

By business segment, the logistics division posted third-quarter revenue of KRW 2.9502 trillion and operating profit of KRW 223.3 billion, up 17.9% and 19.6%, respectively, from a year earlier. The division posted solid results as cargo volumes in its overseas logistics business, particularly in North America, increased, and it benefited from favorable container market conditions.

The shipping business generated revenue of KRW 1.8137 trillion, up 37.1% from a year earlier, while operating profit rose 16.6% to KRW 227.9 billion. Its strategies of aggressively expanding business with non-affiliates by leveraging its large fleet and rationalizing fleet operations proved effective.

The distribution division recorded revenue of KRW 4.2897 trillion and operating profit of KRW 115.3 billion. Revenue increased 21.5% from a year earlier as exports of completely knocked down (CKD) kits to assembly plants providing technical support in emerging markets grew. However, operating profit fell 18.7% as weaker nonferrous metal market conditions and the stronger Korean won, among other factors, reduced profitability in the trading business.

A Hyundai Glovis official said, "We will continue to generate stable profits by fulfilling our role as a trusted global supply chain partner for our customers," adding, "We will also continue our efforts to enhance corporate value sustainably on this basis."

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