- With record high sales in Q4 2016, SsangYong Motor posted one trillion won in revenue in a single quarter, reporting five consecutive profitable quarters
- The company sold the highest volume in fourteen years in 2016 resulting in a turnaround after nine years, with a net profit of 58.1 billion won
- With the successful launch of its large premium SUV Y400, the company expects continued sales and profits growth
SsangYong Motor Company (CEO Choi Johng-sik; www.smotor.com), part of the Mahindra Group, today announced that the company sold its highest volume in fourteen years during 2016 with record high sales in Q4, 2016 making it profitable once again after nine years, since 2007.
In Q4 last year, sales increased continuously with global sales of the Tivoli brand crossing the 9,000-units mark in December for the first time since launch. With this strong sales performance, the company posted for the first time revenues of over one trillion won during a single quarter since the establishment of the company.
Q4 sales volume increased by 8 % and revenue by 2.7% over the same period in the previous year, and the company reported its highest quarterly profit for 2016, with a net profit of 19.4 billion won.
CEO Choi of SsangYong Motor said:
“Last year, the company was able to recover its market share thanks to the Tivoli and escape from the loss-making situation by posting profits for the first time in nine years” and added, “this year, we will successfully launch the large-sized premium SUV Y400 and expand our product line-up to further increase our sales and continue the profitable trend."
During 2016, the company sold a total of 155,844 units and posted revenue of 3.6285 trillion won, an operating profit of 28 billion won, and a net profit of 58.1 billion won, turning to profits after nine years, since 2007.
Sales increased by 7.7% over same period in the previous year, and it was the highest sales performance of the company in fourteen years, since 2002; revenue, the highest since the company’s establishment, grew by 7% over the previous year.
Moreover, the company’s strong growth in sales was mostly driven by the Tivoli brand which grew by 34.7% year-on-year to 85,821 units, which helped improve the company’s performance.
In addition, the establishment of SY Auto Capital, the captive financing company for SsangYong in Korea November 2015, supported sales growth by providing high-quality financial services for installments and other one-stop services that combine sales and financing.
As for profitability, after posting net profits for five consecutive quarters, the company reported profits for the full year, 2016.