KG Mobility (KGM) posted operating profit that surged 105% from a year earlier in the first quarter, boosted by higher domestic sales.
KGM said in a filing on the 24th that first-quarter operating profit on a separate financial statement basis rose 104.7% year over year to 21.7 billion won. It marked six straight quarters in the black since the fourth quarter of 2024. Over the same period, revenue increased 25.3% to 1.1365 trillion won, and net income jumped 342.4% to 37.6 billion won.
A KGM official said it was due to increased domestic sales volume following the launch of the authentic pickup "Musso," as well as the exchange rate effect and improved profitability.
First-quarter sales volumes totaled 27,077 units. Of these, domestic sales were 11,469 units, up 40.1% from the same period a year earlier. The Musso (4,370 units) and Musso EV (2,153 units) accounted for more than 50% of the total volume.
Exports came to 15,608 units. When vehicles are sold overseas, payment is received in dollars or euros, and during periods of a strong exchange rate like now, converting that into won can improve results.
KGM expects export volumes to grow further along with domestic sales once the Musso is fully launched in global markets. A KGM official said, "In addition to strengthening cooperation with global dealers, we will expand profitability along with increasing sales volume through aggressive market responses, including customer-centric, differentiated marketing strategies."