Hyundai Motor Projected to Surpass Samsung Electronics in Operating Profit in 2023

SEOUL, - Hyundai Motor Co., South Korea's leading automaker, is projected to achieve the highest operating profit among the country's listed firms in 2023. This development marks a significant shift, as Samsung Electronics Co. has traditionally held the top spot in operating income since 2009.

According to Yonhap News Agency, a corporate tracker, Hyundai Motor is poised to surpass Samsung Electronics in terms of operating income this year. This forecast is based on the companies' performance during the first three quarters of 2023. Samsung Electronics' operating income is expected to decrease significantly due to a downturn in chip sales from the previous year's 22.3 trillion won (US$17.1 billion).

Hyundai Motor has demonstrated robust global sales, leading to a consolidated operating income of 11.7 trillion won among South Korean listed companies from January to September. In comparison, Samsung Electronics reported an operating profit of 3.7 trillion won during the same period.

Kia Corp., the country's second-largest automaker and an affiliate of Hyundai Motor, ranked second with an operating profit of 9.1 trillion won. On a separate basis, Kia is likely to emerge as the leading operating income earner among listed companies this year. Kia's separate operating income reached 4.96 trillion won in the first nine months, compared to Hyundai Motor's 4.37 trillion won.

This shift in the operating income landscape reflects the dynamic nature of South Korea's corporate sector, particularly in the automotive and electronics industries.