Kia Motors Corporation today announced its 2019 fourth-quarter business results, reporting a 20 percent rise, year-on-year, in quarterly revenue – driven by increased sales of new models and aided by favorable currency exchange rates.
Kia Motors recorded sales revenue of KRW 16.11 trillion throughout the final quarter of the year, 20 percent higher than the KRW 13.47 trillion recorded over the same period in 2018.
Kia’s fourth-quarter operating profit jumped 55 percent, year-on-year, to KRW 590.5 billion, up from KRW 382 billion in the final quarter of 2018. This was supported by the ongoing success of the brand’s latest models, with the Seltos SUV, Telluride mid-size SUV, and K7 sedan leading the enhanced Kia global product mix. Entry into new global markets such as India further enhanced profitability.
The Telluride SUV, which won the coveted 2020 North American Utility Vehicle of the Year award earlier this month, booked retail sales of around 58,000 units in the US alone, resulting in a significant boost to Kia’s revenue and profitability.
Fourth-quarter net profit (including non-controlling interests) more than tripled to KRW 346.4 billion, compared to KRW 94.3 billion posted in the same period in 2018, when a one-off expense weighed on the company’s results.
Unit sales in final quarter of 2019 declined by 1.4 percent year-on-year to 728,296 units from 738,915 (wholesale basis).
For full-year 2019, Kia’s revenue rose 7.3 percent to KRW 58.15 trillion from KRW 54.17 trillion in 2018, while operating profit soared 74 percent to KRW 2.01 trillion, up from KRW 1.16 trillion. Net profit rose 58 percent to KRW 1.83 trillion.
Please click here to view the full press release.
SOURCE: Kia
