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KG Mobility's Q4 net income swings to profit thanks to global demand

Published: 24 Feb. 2025, 19:10

KG Mobility's Musso EV model [KG MOBILITY]

KG Mobility said Monday it swung to the black in the fourth quarter from a year earlier thanks to increased global sales.

Net profit for the October-December period came to 5.2 billion won ($3.64 million) on a nonconsolidated basis, compared with a net loss of 37.4 billion won a year earlier, the company said in a press release.

Operating profit for the quarter totaled 20.7 billion won, compared with a loss of 9.7 billion won the previous year. Sales reached 973.2 billion won, up from 718 billion won a year ago.

The automaker attributed its improved bottom line to a rise in exports, which reached a monthly record high of 8,174 units in December, following the launch of the Torres EVX model in global markets, including Australia and Turkey.

For 2024 as a whole, the company's exports reached 62,378 units, up 18.2 percent from the previous year. The company's net income for the year totaled 46.2 billion won.

KG Mobility said it aims to aggressively expand its market presence this year through new model launches and a strategy to increase the company's profitability.

YONHAP