Kia’s Third-Quarter Operating Profit Hits Record High, Up 0.6% Year-on-Year
Seoul, South Korea – KiaCorporation, the South Korean automotive manufacturer, announced on October 25th that its operating profit for the third quarter of 2024 surged by 0.6% year-on-year, reaching a record high of 2.8813 trillion won (approximately 148 billion yuan).
This impressive performance marks a new milestone for Kia, surpassing previous records for the same period. The company’s sales revenue also saw a 3.8% increase year-on-year, reaching 26.5199 trillion won. Net profit climbed by 2.1% to 2.2679 trillion won, resulting in an operating profit margin of 10.9%.
Kia’s strong third-quarter performance can be attributed to acombination of factors, including robust global demand for its vehicles, successful cost management strategies, and a strategic focus on high-margin models. The company’s sales volume for the quarter reached 76.3639 million units, a slight decrease of 1.9% compared to the same period last year.
Despite the slight decline in sales volume, Kia’s ability to maintain its profitability underscores its resilience in a challenging global automotive market. The company’s focus on innovation, including the development of electric vehicles and advanced driver-assistance systems, is expected to further strengthen its position in the coming years.
Key Takeaways:
- Kia’s third-quarter operating profit reached a record high, exceeding previous records for the same period.
- Sales revenue and net profit also saw significant increases, demonstrating the company’s strong financial performance.
- Kia’s focus on high-margin models and cost management strategies contributed to its impressive results.
*The company’s commitment to innovation, particularly in the electric vehicle and advanced driver-assistance systems segments, is expected to drive future growth.
References:
- Yonhap News Agency. (2024, October 25). Kia’s third-quarter operating profit hits record high, up 0.6% year-on-year. [News article]. Retrieved from [link to the original article]
Note: The provided information was translated from Korean and adapted for a Western audience. The original article can be found at [link to the original article].
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