HL Mando Achieves Record-High Revenue of 8.8 Trillion KRW Last Year.

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HL Mando reported record-breaking annual revenue of KRW 8.84 trillion last year, fueled by strong sales growth in North America and the domestic market. The company has set its 2024 revenue target at KRW 9 trillion.

 

According to its earnings release on the 6th, HL Mando recorded a 5.4% year-on-year increase in revenue and a 29% rise in operating profit, reaching KRW 3.6 trillion. Net profit stood at KRW 1.6 trillion, marking a 3.7% increase from the previous year.

 

For Q4 2023, the company posted revenue of KRW 2.42 trillion, up 10.6% year-on-year, while operating profit more than doubled to KRW 112.6 billion (+122.5% YoY). Net profit for the quarter rose 27.6% YoY to KRW 51.8 billion.

 

By region, strong sales in South Korea and North America played a significant role in boosting overall performance. Domestic revenue in Q4 2023 reached KRW 872.6 billion, reflecting an 11.4% YoY increase, supported by Hyundai Motor Group's expansion of new models and increased demand for hybrid vehicles.

 

For 2024, HL Mando aims to achieve KRW 9.1 trillion in revenue, representing a 2.9% increase from the previous year.