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| This photo shows Hyundai Mobis's M.Vision TO at CES 2023 in Las Vegas, Jan. 6. Yonhap |
Hyundai Mobis, Korea's leading auto parts maker, said Friday its fourth-quarter net profit rose 15 percent from a year earlier on increased sales of high-margin components.
Net profit for the three months ended Dec. 31 rose to 636.59 billion won ($518 million) from 553.99 billion won during the same period of last year, the company said in a statement.
"The quarterly bottom line was buoyed by increased sales of modules and core EV components, as well as recovering global vehicle production amid improving chip supplies," the statement said.
Operating profit jumped 25 percent to 660.37 billion won in the fourth quarter from 528.59 billion won a year ago. Sales were up 29 percent to 14.994 trillion won from 11.611 trillion won during the cited period.
For the whole of 2022, net income climbed 5.3 percent to 2.487 trillion won from 2.362 trillion won the previous year.
Operating profit fell 0.7 percent to 2.026 trillion won last year from 2.04 trillion won a year ago, while sales rose 25 percent to 51.906 trillion won from 41.702 trillion won.
Hyundai Mobis is a core affiliate of Hyundai Motor Group, which also has Hyundai Motor and Kia under its wing. Hyundai Mobis owns a 21.43 percent stake in Hyundai Motor.
Last year, the company obtained $4.65 billion worth of parts orders from global carmakers, except for its captive buyers Hyundai Motor and Kia, exceeding its annual order target of $3.74 billion.
Hyundai Mobis earns about 90 percent of its sales from Hyundai Motor and Kia, with 10 percent coming from other carmakers. (Yonhap)
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