Kia reports 13.6 percent jump in annual net profit, record annual sales, operating profit

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Kia reports 13.6 percent jump in annual net profit, record annual sales, operating profit

Published: 27 Jan. 2023, 14:37

A Kia dealership in Seoul [YONHAP]

Kia reported annual net profit of 5.41 trillion won ($4.4 billion) for 2022, up 13.6 percent on year.

The figure missed the analyst forecast of 5.43 trillion won compiled by FnGuide.

The carmaker’s yearly operating profit rose 42.8 percent to 7.23 trillion won and beat the market expectation of 6.69 trillion won. It is the first time for Kia's operating profit to surpass the 7 trillion won mark.

Sales stood at 86.56 trillion won, up 23.9 percent year on year.

Both annual sales and operating profit came in at a record.

Hyundai Motor also reported a record performance for 2022 on Thursday.

In the fourth quarter, Kia logged a net profit of 2.04 trillion won, up 63.2 percent on year.

The company cited a strong demand for high-margin cars and favorable currency situation for the strong performance in the October-December period.

BY SHIN HA-NEE [[email protected]]