FX.co ★ Hyundai Motor Q4 Operating Profit Up Slightly; Revenue Up 8.3%

Hyundai Motor Company has announced a fourth-quarter net profit of 2.2 trillion Korean won, showing a remarkable growth of 28.8% compared to last year. The company's operating profit mirrored a slight increment of 0.2% from the previous year, standing at 3.41 trillion won. Moreover, the fourth-quarter revenue demonstrated an 8.3% increase year over year, reaching a substantial figure of 41.67 trillion won. In comparison to the previous year, Hyundai Motor managed to sell 1,089,862 units in the fourth quarter of 2023, a growth of 4.9%.

Turning to the financial performance for the fiscal year of 2023, Hyundai's annual operating profit jumped 54% to reach 15.12 trillion won. The corporation's annual net profit followed this trend, ascending to 12.27 trillion won, which marks a 54% increase compared to the prior year. Continuing with its robust fiscal performance, Hyundai's annual revenue went up by 14.4% to reach a staggering figure of 162.7 trillion Korean won. The automotive giant witnessed a rise in its global vehicle sales by 7% from 2022 to reach 4,216,898 units sold in 2023.

Looking forward to 2024, Hyundai has set an aggressive sales target of more than 4.24 million units, showing a projected increase of 0.6% compared to 2023. The automobile company also aims to expand their consolidated revenue growth by four to five percent. Moreover, Hyundai is setting its sights on an impressive annual consolidated operating profit margin of between eight to nine percent.