SEOUL (dpa-AFX) - Hyundai Motor Co. (HYMLF.OB, HYMTF.OB) reported that its fourth-quarter net profit, including non-controlling interest, dropped 40.7% to 701.4 billion Korean won from prior year.
But, quarterly operating profit climbed 21.9 percent to 1.53 trillion won from a year earlier.
The fourth-quarter revenue increased 6.1 percent year-over-year to 31.27 trillion won, paving the way for positive sales growth for 2022. Robust sales of SUV and Genesis luxury models, and electric vehicles helped lift revenue in the fourth quarter despite the slowdown in sales volume amid an adverse economic environment.
In the fourth quarter, the company sold 960,639 units around the globe, a 15.7 percent decrease from the year earlier. Sales volume were impacted by global chip shortage. Sales in markets outside of Korea were down by 17.2 percent to 774,643 units as the global chip shortage hit most markets around the world. Sales in Korea gained 8.9 percent to 185,996 units.
For 2022, the company expects consolidated revenue growth to be 13 percent - 14 percent, consolidated operating profit margin of 5.5 percent - 6.5 percent. The company aims for total vehicle sales of more than 4.3 million units this year.
The company plans to expand its investment total of 9.2 trillion won, including 5.0 trillion won at capital expenditure, 3.6 trillion won at research and development, and 600 billion won at strategic investments.
Hyundai increased its 2021 year-end dividend at 4,000 won per share, up 1,000 won from 2020, reflecting its results improvement.
Hyundai said it will strengthen its EV lineup by launching GV60, Electrified GV70, and IONIQ 6 in line with increasing consumer preferences for eco-friendly models, expansion of investment in eco- infrastructure, and strict environmental regulations around the globe.
The company noted that it will focus on enhancing its product mix with SUV and luxury models and securing profitability.
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