y Park Jin-hai
Imported carmakers’ earnings here surged nearly 2.5 times in 2014, data showed Monday.
The top 10 foreign carmakers in terms of sales posted a combined net profit of 197.7 billion won ($182.55 million) last year, up 147.8 percent from 79.8 billion won in 2013.
Market researcher Chaebul.com compiled the data filed by the carmakers to financial authorities.
Total sales rose to 8.63 trillion won, up 36.7 percent from 6.31 trillion won the previous year.
Audi Volkswagen Korea, the top foreign carmaker by sales, saw its net profit jump 30.1 percent to 40.7 billion won, while that of BMW Korea climbed 22.4 percent to 20.1 billion won. Mercedes-Benz Korea’s earnings soared 180.6 percent to 96.9 billion won.
Following substantially improved bottom lines, the dividend payout to shareholders also increased.
And two more companies ― Jaguar Land Rover Korea and Porsche Korea ― joined the list this year.
The combined dividends paid out by the carmakers doubled to 77.3 billion won, or an average 40 percent of their earnings.
Mercedes-Benz, boosted by its record earnings last year, paid out 48.4 billion won in dividends, nearly half of its net earnings.
However, non-German carmakers’ growth last year was also outstanding.
Jaguar Land Rover Korea and Porsche Korea also paid out fat dividends, delivering 6.1 billion won and 10.9 billion won, respectively, or more than 80 percent of their respective net profits, to shareholders last year.
Jaguar Land Rover’s sales increased 40.8 percent to 474 billion won, while its net profit jumped to 7 billion won last year from 2.1 billion won a year earlier.
Porsche Korea, since its establishment in 2013, has recorded sales of 287.8 billion won and net profit of 12 billion.
In the meantime, FCA Korea, which imports Fiat and Chrysler brands, turned profitable. The carmaker reported a 1.5 billion won net loss in 2013 but inked a 11.3 billion won net profit last year. It returned 8.9 billion won to shareholders.
Volvo Car Korea’s sales rose 43.8 percent to 122.9 billion won last year. But its net profit plunged 75.6 percent to 900 million won due to unfavorable exchange rates. The company paid 3 billion won to shareholders, the same as the previous year.