KG Mobility's operating profit for the second quarter of this year increased by more than 70% compared to the same period a year ago, marking three consecutive years of first-half profits. Although domestic sales were sluggish, profitability improved as exports increased, particularly in the European market.
KG Mobility reported on the 25th that its operating profit for the second quarter this year was estimated at 17.9 billion won, an increase of 70.5% compared to the same period last year. This is the highest since the fourth quarter of last year (20.7 billion won). Reflecting this, the operating profit for the first half of the year was 28.5 billion won, up 2.5% from a year ago. Thus, KG Mobility recorded first-half profits for three consecutive years until 2023, the first time in 21 years since 2002-2004.
In the second quarter, the sales amount was 1.0362 trillion won, an increase of 8.1% compared to the same period last year, surpassing 1 trillion won for the first time in nine quarters since the first quarter of 2023. The total sales amount for the first half of the year was 1.9432 trillion won, an increase of 0.2%.
Exports drove this performance. The export volume for the second quarter was 17,126 units, a 10.7% increase compared to the same period a year ago. In total for the first half, exports increased by 7.3% to 34,951 units. This is the highest record in 11 years since the first half of 2014 (40,100 units). A representative from KG Mobility noted, "The sales of the Torres EVX, Tivoli, and Musso Sports performed well in the European, Middle Eastern, and Latin American markets."
However, domestic sales were somewhat disappointing. Domestic sales in the second quarter were 10,137 units, a decrease of 13.8% compared to the same period last year. Consequently, total sales for the first half declined by 23.6% to 18,321 units. Nevertheless, KG Mobility expects that sales volume will increase with the launch of the Actyon Hybrid starting in August.
KG Mobility stated, "Despite the contraction of the domestic market, we recorded a profit for the second consecutive quarter solely from our operating performance, thanks to the increase in export volume, the currency effect, and efforts to improve revenue." They added, "We will continue to make every effort not only in responding to the domestic market with the upward trend in exports but also in expanding customer contact points to increase sales volume in the second half while improving profitability."