Seoul, Jan 16
Hyundai Motor and Kia, South Korea's top automakers, are expected to release their annual earnings results next week, drawing attention as to whether they can extend their streak of record-breaking performances, industry watchers said on Thursday.
According to an analysis of securities industry forecasts by Infomax over the past three months, Hyundai Motor is estimated to report sales of 173.1 trillion won ($118.9 billion) and an operating profit of 14.8 trillion won for 2024.
While sales would mark a 6.4 per cent increase, operating profit is projected to decline by 1.9 per cent.
Kia is estimated to report 106.8 trillion won in sales and 12.8 trillion won in operating profit, representing on-year growth of 7.1 percent and 10.2 percent, respectively.
If these forecasts are realised, Kia would succeed in achieving a record annual performance, surpassing 100 trillion won in sales for the first time in its history.
Together, the two companies are estimated to report combined sales of 279.96 trillion won and an operating profit of 27.64 trillion won, surpassing their previous combined records of 262.47 trillion won and 26.73 trillion won set in 2023.
However, several variables, including currency fluctuations and quality-related costs, could impact the final results.