The operating profit of five major Hyosung Group companies has regained the 1 trillion won mark for the first time in three years. The results reflect the global management of Chairman Cho Hyun-Joon, who marked the third anniversary of his inauguration.
According to Hyosung Group on Feb. 6, total sales and operating profits of five major companies -- Hyosung, Hyosung TNC, Hyosung Heavy Industries, Hyosung Advanced Materials, and Hyosung Chemical -- reached 18.01 trillion won and 1.01 trillion won, respectively, last year.
This is the first time in three years since 2016 when the operating profit of the five companies exceeded 1 trillion won for the first time.
"The increase in sales of premium textile products in the Chinese market and the positive performance of major overseas subsidiaries such as Vietnam, China, India has been affected," a Hyosung official said. "The increase in overseas exports of its subsidiaries, including Hyosung TNS, and improved profits of new businesses such as carbon fiber also plays a role."
“It also means that the global management of Chairman Cho, who is in his third year in office, has definitely settled down,” he explained.
In fact, since taking office, Cho has frequently visited global workplaces to listen to the voices of production sites, and he has expanded the scope of on-site management by directly participating in global textile exhibitions in France and China to meet customers in person.
Based on his vision for the IT business and a global management sense, Cho has also directly led the ATM manufacturing firm Hyosung TNS to expand sales overseas. As a result, Hyosung TNS made its best-ever performance last year by supplying its goods to major banks in more than 30 countries, including the United States and Russia.