Hyundai Mobis reports record 2022 sales on strong high-end parts demand

Hyundai Mobis reports record 2022 sales on strong high-end parts demand [Photo by Yonhap]

South Korea’s biggest auto parts maker Hyundai Mobis Co. said Friday last year’s revenue reached a record 51.9 trillion won ($42.17 billion), driven by strong demand for high-end components. The figure is up 24.5 percent from a year earlier and it was the first time the company’s annual sales exceeded 50 trillion won.

Operating profit fell 0.7 percent to 2.026 trillion won last year from 2.04 trillion won a year earlier, while net income grew 5.3 percent to 2.487 trillion won.

For the fourth-quarter, operating profit was up 24.9 percent to 660.4 billion won, compared with a 528.59 billion won profit a year ago. Revenue also climbed 29.1 percent to 15 trillion won and net profit gained 14.9 percent on increased sales of high-margin modules and core components for electrification.

Last year, sales in mainstay module and core part business increased by 25.3 percent from the previous year to 41.7 trillion won. Among these, electrification parts recorded 9.68 trillion won in sales, exceeding the 9 trillion won mark for the first time.

Despite various cost-increasing factors, both module and core part and maintenance service businesses showed strong growth buoyed by a recovery in vehicle production and increase in electrification, said a company official.