Hyundai Glovis posts record Q3 revenue of 9 trillion won as expansion beyond Hyundai Motor pays off

[Financial News] Hyundai Glovis reported record results for the third quarter of this year, with revenue topping 9 trillion won. Growth in non-affiliate businesses outside Hyundai Motor Group was a key factor.
On the 30th, Hyundai Glovis released preliminary results showing third-quarter revenue of 9.0536 trillion won and operating profit of 566.5 billion won. Both were quarterly records, up 23.1% and 8.1%, respectively, from the same period a year earlier.
The distribution division drove revenue higher, posting revenue of 4.2897 trillion won and operating profit of 115.3 billion won. Revenue jumped 21.5% as exports of completely knocked-down (CKD) kits to assembly plants providing technical support in emerging markets increased. Operating profit, however, fell 18.7% as weaker nonferrous metal market conditions and a stronger won eroded profitability in the trading business.
Shipping and logistics drove operating profit growth as freight rates surged amid geopolitical and seasonal factors, including wars in the Middle East and Ukraine and peak seasons in the United States and China.
Revenue from the shipping business reached 1.8137 trillion won, surging 37.1%. Operating profit also rose 16.6% to 227.9 billion won. The gains came as the company aggressively expanded business with non-affiliates outside Hyundai Motor Company by leveraging its large fleet.
The logistics business posted revenue of 2.9502 trillion won and operating profit of 223.3 billion won, increases of 17.9% and 19.6%, respectively, from a year earlier. The growth came as cargo volumes rose, particularly in North America, despite high freight rates.
Hyundai Glovis is working to expand revenue from non-affiliate businesses outside Hyundai Motor Company, including through a recent logistics partnership with Shopee, Southeast Asia’s largest online platform, which has more than 700 million users. It aims to reach total revenue of 40 trillion won by 2030 and grow non-affiliate revenue into the 10-trillion-won range, raising its share to 40%. Logistics and distribution revenue has recently been trending upward alongside an increase in volumes of Chinese-made vehicles.


[email protected] Kim Yun-ho Reporter