Kia Corporation (KRX: 000270) reported its Q4 2022 result.
The company sold 730,259 units in the quarter, an increase of 12.7% year-on-year.
This resulted in sales of KRW 23,164.2 billion, up 34.8% year-on-year, an operating profit of KRW 2,624.3 billion, up 123.3%, and a net profit of KRW 2.0365 trillion, up 63.2% year-on-year.
The company attributed the growth to higher inventories, higher selling prices, lower incentives, and a favorable exchange rate effect.
For 2023, Kia expects sales of KRW 97.6 trillion and an operating profit of KRW 9.3 trillion, up 29%. This is due to solid demand, an improved sales mix, and the launch of a new large electric SUV, the EV9.
The company remains optimistic despite uncertainties such as weakening demand and international tensions.
Kia’s domestic sales increased 10.7% year-on-year in Q4 2022, driven by new vehicle launches and strong demand for SUV models.
Despite being impacted by the suspension of sales in Russia, overseas sales increased 13.2% y-o-y, driven by improved semiconductor supply and new model launches in India.
Sales of environmentally friendly cars rose 29.1% year-on-year to 121,000 units.
In the 2022 cumulative financial statements, Kia reported sales of 2,901,849 units, up 4.5%; revenue of KRW 86,559.0 billion, up 23.9%; operating profit of KRW 7,233.1 billion, up 42.8%; and net profit of KRW 5.409 trillion, up 13.6%.