Seoul, South Korea – Hyundai Home Shopping announced on February 7th that it has seen significant growth in both sales and operating profit for the year 2024. This boost is largely attributed to the inclusion of Hansum and Hyundai FutureNet as new subsidiaries.
According to the official filing, Hyundai Home Shopping's consolidated operating profit reached 130.1 billion KRW, marking a remarkable 117.1% increase compared to the previous year. Consolidated sales also saw substantial growth, reaching 3.85 trillion KRW, a surge of 86.7% year-over-year.
For the fourth quarter of 2024 alone, the company reported sales of 1.04 trillion KRW, up 85.3% from the same period last year. Operating profit for the quarter reached 20.4 billion KRW, a staggering 134.8% increase.
On a separate basis, focusing solely on Hyundai Home Shopping's core business, sales for the year reached 1.09 trillion KRW, a modest 1.7% increase from the previous year. Operating profit, however, showed a more robust growth of 37.7%, reaching 61.8 billion KRW.
In the fourth quarter of 2024, Hyundai Home Shopping's separate sales actually decreased by 7.8% year-over-year, reaching 265.9 billion KRW. Despite this, operating profit for the quarter increased by 12.8% to 10.9 billion KRW.
A representative from Hyundai Home Shopping commented that while the company's core home shopping business experienced a slight decline in sales due to weakened consumer sentiment, increased sales of high-margin health and beauty products, coupled with cost-cutting measures, led to an increase in operating profit. The significant growth in consolidated figures, they explained, is primarily due to the addition of Hansum and Hyundai FutureNet as subsidiaries.
This impressive performance underscores Hyundai Home Shopping's ability to adapt to changing market conditions and capitalize on strategic acquisitions to drive growth. The company's focus on high-margin products and cost efficiency has proven successful in offsetting challenges in the core business, while the inclusion of new subsidiaries has provided a significant boost to overall performance.
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