Hyundai Glovis recorded its highest-ever quarterly revenue and operating profit for the third quarter of this year, driven by expanded North American logistics volumes and strengthened non-affiliated shipping operations.
The company said Friday that its consolidated revenue for the third quarter of this year was provisionally tallied at 9.0536 trillion won, with operating profit at 566.5 billion won. Compared to the same period last year, revenue and operating profit increased by 23.1% and 8.1%, respectively. The operating margin stood at 6.3%.
Analysts attribute the improved results to a strategy of expanding high-freight-rate non-affiliated businesses and pursuing cost efficiency amid ongoing external uncertainties. In particular, both the logistics and shipping segments posted double-digit growth, driving the record-high performance.
The logistics segment recorded revenue of 2.9502 trillion won and operating profit of 223.3 billion won, up 17.9% and 19.6%, respectively, from the same period last year. This was supported by increased overseas logistics volumes centered on North America, as well as favorable container market conditions.
Shipping segment revenue rose 37.1% year-on-year to 1.8137 trillion won. Operating profit increased 16.6% to 227.9 billion won. This result reflects the aggressive expansion of non-affiliated cargo operations and fleet operational efficiency efforts based on a large-scale fleet.
The distribution segment recorded revenue of 4.2897 trillion won, up 21.5% from the same period last year, driven by increased exports of semi-knocked down (CKD) vehicles to assembly plants in emerging markets for technical support. However, operating profit decreased 18.7% to 115.3 billion won, as profitability in the trading business weakened due to a slowdown in non-ferrous metal market conditions and a stronger Korean won.
A Hyundai Glovis official stated, "We will fulfill our role as a reliable global supply chain partner for customers and generate stable profits. Based on this, we will continue our efforts to enhance sustainable corporate valuation."
in INDUSTRY
