Hyundai Motor has just topped Samsung to become South Korea’s most profitable publicly-traded company after a successful quarter where its sales and profits rose considerably.
The car manufacturer revealed in its first quarter earnings report that revenue generated from its sales jumped by 24.7% in the last quarter compared to 12 months ago, contributing to an 86.3% increase in operating profit. This came on the back of Hyundai’s sales rising 13.2% globally to 1,021,712 units in the January-March period.
A few reasons explain the jump in revenue. For example, Hyundai’s SUV sales increased while the Genesis brand also went from strength to strength. The brand also sold nearly 66,000 electric vehicles in the first quarter, a 48% increase year-on-year, Korea Times reports.
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