Hyundai Mobis reported on the 25th that its operating profit for the first quarter of this year was 776.7 billion won, an increase of 43.1% from the same period last year. Revenue increased by 6.4% to 14.752 trillion won, while net income recorded 1.0317 trillion won, up 19.6%.
By institutional sector, sales in modules and core components reached 11.4743 trillion won, while the after-sales service sector recorded 3.2778 trillion won in sales. Sales in modules and core components increased by 4.9% compared to the first quarter of last year due to the increased application of high-value-added core components focused on electrical systems. Sales in the after-sales service sector also grew by 11.8% compared to the same period last year, driven by strong global demand and favorable exchange rates.
The operating profit margin for the first quarter improved to 5.3%, up from 3.9% in the same period last year. Hyundai Mobis explained that, although the fixed cost burden of the electrification business increased, the supply of high-value-added core components focused on electrical parts rose, contributing to the increase in profit margins. Additionally, the continued favorable exchange rate environment due to the weakness of the won was cited as a factor for the increase in operating profit.
Hyundai Mobis announced that it secured an order of core components worth $2.08 billion for global finished vehicle customers in the first quarter of this year. This is close to 30% of this year's total overseas order target of $7.44 billion.
A representative from Hyundai Mobis said, “In order to secure future competitiveness through leading technology development, we plan to invest more than 2 trillion won in the research and development sector this year,” and noted, “We will focus our efforts across the company on securing innovative mobility technologies through talented personnel.”