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Hyundai Livart |
[Alpha Biz= Reporter Kim Sangjin] Hyundai Livart recorded its highest sales in the furniture industry for the first quarter of this year.
With sales reaching 5,048 billion KRW, Hyundai Livart surpassed Hanssem's 4,859 billion KRW, marking the first time it has taken the top spot in sales. While Hanssem has been focusing on organizational restructuring to strengthen its foundation and improve profitability, Hyundai Livart achieved increased sales through aggressive marketing strategies.
Despite Hyundai Livart's market capitalization being only 12.9% of Hanssem's, the furniture industry was surprised by its ability to surpass Hanssem in sales.
Over the past three years, Hyundai Livart's financial performance has shown variability: in 2021, it reported sales of 1.4066 trillion KRW with an operating profit of 202 billion KRW; in 2022, sales increased to 1.4957 trillion KRW, but it incurred an operating loss of 279 billion KRW; and in 2023, sales rose further to 1.5857 trillion KRW, with a reduced operating loss of 199 billion KRW.
Expectations are positive for Hyundai Livart's future performance, especially as the construction sector shows signs of improvement, potentially increasing B2B sales. In December last year, Hyundai Livart secured a contract worth 50 million dollars (approximately 663 billion KRW) for the construction of infrastructure facilities including offices, auxiliary facilities, warehouses, and electrical and communication equipment at the 'Saudi Arabia Amir al Project' refinery. Hyundai Livart will be responsible for the construction site of the Amir al Project until October this year.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
