Kia defies 'EV chasm' to report record annual revenue, operating profit

SEOUL, January 24 (AJP) - Kia Corp. achieved its highest-ever annual revenue and operating profit in 2024, surpassing 100 trillion won ($69.8 billion) in sales for the first time in its history, the company announced Friday. The automaker posted an operating profit of 12.67 trillion won, a 9.1 percent increase from the previous year, while revenue climbed 7.7 percent to 107.45 trillion won. Net profit surged 11.5 percent to 9.79 trillion won, driven by robust demand in North America

January 24, 2025

SK hynix poised for another record-breaking year on AI chip boom

SEOUL, January 24 (AJP) - SK hynix is forecast to extend its record-breaking performance into 2025, buoyed by surging demand for artificial intelligence-related semiconductors, analysts said Friday. The South Korean chip giant reported a 12 percent year-on-year increase in fourth-quarter revenue to 19.77 trillion won ($13.8 billion), with operating profit rising 15 percent to 8.08 trillion won, surpassing market expectations. For the full year, the firm's revenue doubled to 6

January 24, 2025

Trump's fossil fuel push draws mixed reactions from Korean refiners

SEOUL, January 24 (AJP) - South Korea’s oil refiners are cautiously exploring potential benefits from U.S. President Donald Trump’s aggressive fossil fuel agenda. Trump unveiled his push for fossil fuels after his inauguration on Jan. 20, declaring a national energy emergency and withdrawing the United States from the Paris climate accord. “We sit on the most oil and natural gas of any nation on earth, and we’re going to use it,” Trump said, signalin

January 24, 2025

AI and health tech lead the trends at CES 2025

SEOUL, January 24 (AJP) - CES 2025, held in Las Vegas on January 7 (local time), opened with an electrifying atmosphere, drawing immense attention from attendees. Many keynote speeches were sold out early, and exhibition halls featuring major Korean companies like Samsung Electronics, SK, and LG Electronics were packed with visitors. LG Electronics' "World Premiere" event became even livelier with a surprise appearance by hip-hop star will.i.am. This year’s CES s

January 24, 2025

Legal battle looms over Korea Zinc management

SEOUL, January 24 (AJP) - A high-stakes legal battle is looming over the management of Korea Zinc after the company thwarted a hostile takeover attempt by restricting the voting rights of Young Poong at a shareholders’ meeting on Wednesday. The maneuver hinged on a technical article of Korea's commercial law, which nullifies voting rights when a subsidiary of one company owns more than 10 percent of another company that holds a stake in the parent firm. The restriction

January 24, 2025

Hyundai Motor's net profit rises in 2024 on rising EVs demand

SEOUL, January 23 (AJP) - Hyundai Motor reported a 7.8 percent jump in net profit for 2024, fueled by growing global demand for electric vehicles (EVs) and hybrid EVs, according to a regulatory filing on Thursday. The company posted a net profit of 13.22 trillion won ($9.2 billion) last year, up from 12.27 trillion won in 2023. ​Despite the profit boost, operating income slipped 5.9 percent year-over-year to 14.23 trillion won, while sales soared 7.7 percent to a record 175.23 trill

January 23, 2025

Korea's Charm Vit Group to develop $550-million leisure complex in Hanoi

SEOUL, January 23 (AJP) - South Korea’s Charm Vit Group is making a significant bet on Vietnam’s entertainment sector with plans to build a $550 million horse racing and leisure complex on the outskirts of Hanoi. Chairman Lee Ho-woong, grandson of the late founder Lee Dae-bong, met with Vietnam’s Deputy Prime Minister Ho Duc Phoc on Jan. 10 to finalize details of the ambitious project. During the meeting, Ho pledged government support, emphasizing his commitment to

January 23, 2025

SK hynix emerges as powerhouse as AI redefines semiconductor landscape

Editor's Note: This article is the fourth installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, January 22 (AJP) - In a pivotal moment for the global semiconductor industry, NVIDIA CEO Jensen Huang has lauded SK hynix's cutting-edge high-bandwidth memory (HBM) technology as surpassing even NVIDIA's rigorous requirements. This endorsement, shared

January 23, 2025

SK hynix posts record earnings in 2024, driven by AI chip demand

SEOUL, January 23 (AJP) - SK hynix reported its highest annual earnings in history for 2024 on Thursday, buoyed by surging demand for artificial intelligence memory chips. The South Korean chipmaker announced an operating profit of 23.47 trillion won ($17.6 billion), a remarkable turnaround from a loss in the prior year. The company's annual revenue soared to 66.19 trillion won, marking a 102 percent increase from 2023, while net profit reached 19.80 trillion won. In the fo

January 23, 2025

Korean shipbuilders set sights on lucrative US naval deals

SEOUL, January 23 (AJP) - South Korean shipbuilders are positioning themselves to secure high-value U.S. naval maintenance and repair contracts. U.S. President Donald Trump has expressed interest in collaborating with South Korea’s shipbuilding sector, emphasizing the importance of maintenance, repair, and operations (MRO) for U.S. naval vessels. During a phone call with South Korean President Yoon Suk Yeol in November, Trump praised the country’s “world-class n

January 23, 2025