Hyundai Glovis Reports Record Third Quarter Revenue and Operating Profit Driven by Non-Core Business Expansion

Hyundai Glovis has achieved its highest quarterly performance to date by significantly expanding its non-core business.
 
The company announced on October 30 that it recorded third-quarter revenue of 9.536 trillion won and an operating profit of 566.5 billion won. These figures represent increases of 23.1% and 8.1%, respectively, compared to the same period last year.
 
Both revenue and operating profit are the highest ever for a single quarter. Despite geopolitical risks and an uncertain external business environment, the expansion of high-freight non-core operations and improvements in cost efficiency contributed to these strong results.
 
In the logistics sector, revenue reached 2.9502 trillion won, with an operating profit of 223.3 billion won, marking increases of 17.9% and 19.6%, respectively, year-on-year. The growth was aided by favorable container market conditions and increased cargo volumes in overseas logistics, particularly in North America.
 
The shipping division reported revenue of 1.8137 trillion won and an operating profit of 227.9 billion won, reflecting increases of 37.1% and 16.6%, respectively, during the same period. The aggressive expansion of non-core operations utilizing a large fleet and strategies to optimize fleet operations proved effective.
 
In the retail sector, revenue totaled 4.2897 trillion won, with an operating profit of 115.3 billion won. The increase in revenue was driven by a rise in semi-finished exports to assembly plants in emerging markets. However, profitability weakened due to a slowdown in non-ferrous metal markets and the strengthening of the Korean won, leading to a decline in operating profit.
 
A Hyundai Glovis representative stated, "We will fulfill our role as a reliable global supply chain partner for our customers and generate stable profits. We will also continue our efforts to enhance sustainable corporate value based on this foundation."
 
Meanwhile, Hyundai Glovis is focusing on securing non-core cargo by expanding its customer base to include Chinese automakers and battery companies. The company aims to increase the share of non-core business in its total revenue to 40% by 2030.