Kia Reports Strong Financial Results For The First Half of 2011

Kia Sportage

Kia Sportage

In Europe, the car market was down 2.4%, however Kia grew to 137,000 units,a 2.4% increase. Market share was up 0.1% to 1.9%. Sales of the Kia Sportage are 197% up, the Venga up 39% and the Kia Picanto has sold 9,600 units during the first half of 2011.

Kia has announced the financial results for the first half of 2011, showing strong sales and revenue gross across all regions.

For the first six months of 2011, global retail sales were up 19.9% (1.2 million units) compared to the same period during 2010. All regions have seen an increase in volume.

South Korea, Kia's domestic market, remains the largest region for volume, with an 8.9% increase to 248,000 units with a market share of 33.5%. The USA saw the largest growth,with a rise of 44.1% up to 245,000 units.

Global revenue increased to 22,238 billion Korean Won (KRW), a 30.5% increase over the first half of 2010. New models including the Kia Picanto and Sportage have helped a 2011 Q2 performance up 8.7% on the first three months of the year.

All regions reported strong revenue growth, with the most significant rise of 54.1% in the United States, up to 6,668 billion KRW. Europe saw a 24.2% increase (6,062 billion KRW) and Korea grew 21.2% to 9,123 billion KRW, remaining Kia's largest market.

For the first half of 2011, gross profit is up 32.9% compared to the same period of 2010 at 4,870 billion KRW. Operating profit increased 69.5% at 1,872 billion KRW.

In Europe, the car market was down 2.4%, however Kia grew to 137,000 units,a 2.4% increase. Market share was up 0.1% to 1.9%. Sales of the Kia Sportage are 197% up, the Venga up 39% and the Kia Picanto has sold 9,600 units during the first half of 2011.

For the seconds half of 2011, Kia aims to grow with the new Kia Picanto, Rio and Sportage. Dealer representation will still grow, with a focus on competitiveness with the use of the UK's new Dealer Development department.

Published 1 August 2011 Staff

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