The combined operating profits of Hyosung Group's five flagship affiliates topped 1 trillion won in 2019.
The group announced on Feb. 6 that its five affiliates -- Hyosung Corp., Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical -- posted a total of 18.01 trillion won in sales and 1.01 trillion in operating profit in 2019. It is the second time that the group attained the milestone of one trillion won in operating profit. In 2016, it recorded 1.02 trillion won in operating profit on sales of 11.93 trillion won.
Industry experts credit the group’s profit and sales growth to group chairman Cho Hyun-joon, who has sought to expand the group’s global operations since his inauguration in 2018. Cho has frequently visited the group’s global business sites to listen to the opinions of those in the field, and built a network with movers and shakers in major countries including Prime Minister Narendra Modi of India, Prime Minister Nguyen Xuan Phuc of Vietnam and President Andres Manuel Lopez Oberador of Mexico.
“Sales of premium fiber increased sharply in the Chinese market, and subsidiaries in Vietnam, China and India have performed well,” a Hyosung official said. The group expects profitability of its future businesses such as carbon fiber and aramid to improve.