The South Korean automobile company Hyundai closed last year with a net profit of 5.6 trillion won (4,209 million euros), which meant almost tripling the profits registered a year earlier. All of it.
In fact, in the fourth quarter of the year, the Asian company achieved earnings of 701,400 million won (518.8 million euros), which was 40.7% less year-on-year.
Hyundai’s operating profit in 2021 was also close to tripling, as it stood at 6.67 trillion won (4,941 million euros), while in the fourth quarter of the year it increased 21.9% year-on-year , up to 1.52 trillion won (1,131 million euros).
Hyundai earns almost three times as much in 2021
Hyundai’s global sales in 2021 increased 3.9% year-on-year, reaching 3,890,726 units. Thus, by region, deliveries in Korea, the domestic car market, fell 7.7% in the interannual rate, to 726,838 units, while .
In the fourth quarter of the year, the company cut its worldwide deliveries by 15.7%, to 960,639 units. In South Korea, the South Korean brand reduced its sales by 8.9%, to 185,996 vehicles, as well as in the rest of the world, since it cut its deliveries by 17.2% year-on-year, to 935,393 units.
The company’s turnover in 2021 reached 117.6 trillion won (87,000 million euros), which is 13.1% more compared to the previous year. Likewise, in the last four-month period of the year, the South Korean company increased its income by 6.1% in the interannual rate, up to 31 trillion won (22,954 million euros).
Forecasts for 2022
Looking ahead to this year, the South Korean company expects consolidated revenue growth of 13% to 14% and an annual consolidated operating profit margin of 5.5% to 6.5%. In addition, Hyundai expects global vehicle sales to reach 4.32 million units this year, which would be an increase of 11.1% compared to 2021.
By region, Hyundai expects its sales in North America to increase this year by 20%, to 990,000 units. In the Middle East and Africa, the company estimates that its deliveries will increase by 28.7% to 314,000 vehicles. In Europe, the South Korean company points out that its sales will increase by 3.9%, to 558,000 units.
Hyundai Executive Vice President Seo Gang Hyun explained that “the normalization of supply and demand for auto chips is expected in the third quarter, when the capacity of semiconductor companies is estimated to increase.”
Meanwhile, Hyundai expects vehicle production to pick up in the first half of this year, as the global chip shortage is expected to ease gradually from the second quarter.
Thus, the shortage will continue in the first quarter due to the spread of the omicron variant, the manager said, adding that it was the prolonged pandemic in Southeast Asia and the consequent chip supply problems that caused Hyundai’s sales to fall. to the target of 4 million vehicles in 2021.
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