Hyundai GLOVIS announced on the 30th that it recorded sales of 7.2234 trillion won and operating profit of 501.9 billion won in the first quarter of this year.
Compared to the first quarter of last year, sales increased by 9.7% and operating profit by 30.4%. The operating profit margin is 6.9%. Net profit for the period was 398.2 billion won, an increase of 30.1% from the same period last year.
Hyundai GLOVIS explained that it recorded solid performance across its logistics, shipping, and distribution businesses. In particular, it noted that focusing on profitability led to the largest quarterly operating profit in its history.
By business segment, the logistics sector reported first-quarter sales of 2.458 trillion won and operating profit of 198.1 billion won, marking increases of 8.1% and 9.0%, respectively, compared to the same period last year. Hyundai GLOVIS explained that the growth was attributed to an increase in overseas finished vehicle sales and an uptick in local inland transportation revenue.
In the shipping sector, sales amounted to 1.257 trillion won, with an operating profit of 137.2 billion won, representing increases of 9.2% and 66.3%, respectively, compared to the same period last year. The expansion of non-affiliated sales became prominent, and it was able to secure profitability through efficient fleet operations.
In the distribution area, it achieved sales of 3.5084 trillion won, an increase of 11.0% compared to the same period last year, and an operating profit of 166.6 billion won, which is a 38.1% increase. This was due to increased production of finished vehicles at overseas plants and a rise in the volume of Hyundai GLOVIS's complete knock down (CKD) parts.