Seoul: CJ Logistics Corp., South Korea's leading logistics firm, announced on Tuesday a significant 19.5 percent increase in its fourth-quarter net profit, attributed to a surge in contracts. The company's net profit for the quarter ending in December rose to 91.6 billion won (US$63 million), up from 76.64 billion won during the same period last year, as stated in a regulatory filing.
According to Yonhap News Agency, CJ Logistics saw a substantial increase in sales within its parcel delivery and e-commerce divisions, despite a broader economic slowdown. A company spokesperson highlighted that the boost in business-to-business contract logistics (CL) deals also contributed to the improved quarterly results.
The logistics giant's operating profit increased by 7.2 percent, reaching 154.3 billion won in the fourth quarter, compared to 144 billion won a year prior. Sales during this period rose by 3.3 percent, amounting to 3.16 trillion won from the previous 3.06 trillion won.
For the entire year of 2024, CJ Logistics reported a 10.5 percent increase in net income, totaling 268.3 billion won. The company's operating profit also saw a 10.5 percent rise, reaching 530.6 billion won. Additionally, sales grew by 3 percent, culminating in 12.1 trillion won for the year.