Hyundai Glovis posts record quarterly sales above W9tr, operating profit hits all-time high

Hyundai Glovis posted sales of 9.05 trillion won ($6.78 billion) and operating profit of 566.5 billion won in the third quarter, the company disclosed Friday. Sales rose 23.1 percent and operating profit climbed 8.1 percent from the same period last year. The operating profit margin stood at 6.3 percent.

Both figures set all-time quarterly records for the company. Hyundai Glovis said the strong results reflected an expansion of high-freight non-affiliate business and cost-efficiency improvements, even as geopolitical risks continued to cloud the external business environment.

By segment, shipping recorded the sharpest growth. Shipping sales reached 1.81 trillion won, up 37.1 percent from a year earlier, while operating profit rose 16.6 percent to 227.9 billion won. The company said an aggressive push to expand non-affiliate business using its large fleet, combined with fleet optimization, drove the gains.

The logistics segment posted sales of 2.95 trillion won and operating profit of 223.3 billion won, up 17.9 percent and 19.6 percent, respectively. Growth in overseas logistics volume, particularly in North America, and favorable container market conditions supported the results.

The retail segment recorded sales of 4.29 trillion won and operating profit of 115.3 billion won. Sales rose 21.5 percent, driven by increased completely knocked-down exports to assembly plants in emerging markets. Operating profit, however, fell 18.7 percent as profitability in the trading business weakened due to a slowdown in non-ferrous metal markets and the won's appreciation.

"We will fulfill our role as a trusted global supply chain partner for our customers and continue to generate stable earnings," a Hyundai Glovis official said. "We will also keep working to enhance sustainable corporate value on that foundation."