Hyundai MOVEX lists on Kosdaq market

Hyundai MOVEX CEO Hyun Ki-bong, front row fifth from left, applauds with the company's employees and officials from the Korea Exchange and NongHyup Investment and Securities celebrating the listing of the firm on the Kosdaq market at the Korea Exchange in Yeouido, Seoul, Friday. Courtesy of Hyundai MOVEX

By Lee Kyung-min

Hyundai MOVEX, an IT and logistics affiliate of Hyundai Group, was listed on the tech-heavy Kosdaq market, Friday.

The firm held a ceremony at the Korea Exchange (KRX) in Yeouido, Seoul, attended by CEO Hyun Ki-bong, as well as the head of Kosdaq's market division and the chief of NH Investment & Securities' investment banking (IB) division.

Hyundai MOVEX operates a logistics automation system, platform safety door (PSD) and IT services. It was launched in 2017 after merging with Hyundai U&I, which provided IT services as an automated logistics business before being spun off from Hyundai Elevator.

“Hyundai MOVEX has been transformed into a logistics automation company that provides smart logistics total solutions by adding advanced IT technology to its logistics automation system. The firm is expanding its business gradually into the market for logistics robots,” the firm said.

The market's assessment of Hyundai MOVEX's business potential is positive, since demand for unmanned logistics automation facilities has been on a steady rise encompassing a variety of industries including delivery and courier services amid a boom in the e-commerce market following the COVID-19 pandemic.

The firm reported a solid year-on-year sales growth of over 30 percent between 2017 and 2019 and saw operating profit rise between 6 percent and 9 percent over the same period, year-on-year. The firm reported 197.1 billion won ($174.2 million) in annual sales in 2020 with operating profit reaching 16.9 billion won.

“We will boost market confidence in the firm following the KOSDAQ listing and strengthen its competitiveness through the development and application of differentiated technologies,” a Hyundai MOVEX official said. “We will become a platform pioneer for the global industry in the future.”