Hyundai Motor Group’s key affiliate Hyundai Mobis said Thursday that its operating profit hit 2.35 trillion won ($1.9 billion) last year, up 16.5 percent year-on-year, according to the auto parts maker’s regulatory filing.
The company’s sales inched up by 8.2 percent to 38.48 trillion won over the same period, while its net profit recorded 2.29 trillion won, up 21.5 percent on-year.
Hyundai Mobis attributed last year’s improved performance to expanded sales of electric auto parts as well as increased export volume to global carmakers other than Hyundai and Kia.
The company added that the resumption of operations at its plant in the US state of Ohio in the first quarter of last year also boosted its production capacity.
In the North American market alone, Hyundai Mobis received an order worth $1.04 billion in 2019, almost 60 percent of the value of all orders received last year.
The company has set a target of $2.73 billion for orders from global carmakers this year, and intends to focus on strengthening its presence in the European market through promotions and roadshows.
According to data on the 2019 performance of Hyundai Motor Group’s three major units -- Hyundai Motor, Kia Motors and Hyundai Mobis -- the three firms’ combined sales amounted to 201.7 trillion won, surpassing 200 trillion won for the first time. Their combined operating profit also moved into the black for the first time in seven years.
By Kim Da-sol (firstname.lastname@example.org)