SEOUL - Hyundai Mobis Co., a leading auto parts manufacturer in South Korea, announced on Friday that its third-quarter net income witnessed a significant upswing of over 70% compared to the same period last year.
According to a new release by Yonhap News Agency, the consolidated net profit for the July-September period rose 78.3% year-on-year to 998.1 billion won (approximately $736.8 billion). Sales for the quarter increased by 7% year-on-year to 14.23 trillion won, and operating profit climbed 19.8% to 690.2 billion won.
The figures outperformed market expectations. The average net profit estimate by analysts was 843.5 billion won, as surveyed by Yonhap Infomax, the financial data arm of Yonhap News Agency.
The company, a part of Hyundai Motor Group, attributes its robust performance to an uptick in the supply of high-end components, specifically module and core parts utilized in vehicle production, along with a stabilization in logistics costs. Sales in the company's module and core parts division registered an 8.1% year-on-year growth, with its electrification component business experiencing a 9.3% increase in sales from the previous year.
Moreover, sales from components used for after-sales customer service grew by 2.7% due to rising global demand. The operating profit in this division expanded by 11.9%, attributed to the stabilization of logistics fees.
Approximately 90% of Hyundai Mobis's sales come from Hyundai Motor and Kia, with the remaining 10% sourced from other automakers. The company highlighted that it is consistently augmenting the volume of its orders from major clients, including Volkswagen, Mercedes-Benz, GM, and Stellantis.