KG Mobility (KGM) said on the 27th that it posted preliminary results last year of 4.2433 trillion won in revenue, 453.6 billion won in operating profit, and 53.1 billion won in net profit.
According to the Financial Supervisory Service's electronic disclosure system, KGM's revenue last year rose 12.2% from a year earlier, surpassing 4 trillion won for the first time ever. In particular, operating profit jumped 335.8% from the previous year, and net profit increased 14.9%.
The improvement in KGM's results was driven by a sharp increase in export volume. KGM's exports last year totaled 72,086 units, up 12.7% from the previous year's 62,378 units. That was the highest export performance in 11 years. KGM said its export strategy focusing on the Torres hybrid and Musso EV in Europe and Latin America, including supplying official vehicles in Spain last year, paid off.
KGM's domestic sales last year were 40,249 units. KGM said profitable eco-friendly models such as the Actyon, Torres hybrid, and Musso EV accounted for 32.4% of total sales, boosting performance. In addition, KGM Commercial (KGMC) also turned to the black, recording an annual operating profit thanks to improved cost structure after joining KG Group. KGMC, an affiliate of KGM, manufactures commercial vehicles and vans, including electric buses.
KGM plans to keep its momentum this year. It has continued investing to raise its market share, including launching the new Musso early this year. The Musso is a pickup truck that covers both city streets and off-road. KGM said it broadened customer choice by offering as an option the "Grand Style" package design that emphasizes an urban-style pickup.
A KGM official said, "Buoyed by increased export volume, we achieved record-high revenue last year and more than quadrupled operating profit from a year earlier," adding, "We will continue to improve sales and revenue through new model launches and differentiated marketing strategies in domestic and overseas markets."