(Hanjin Group)
(Hanjin Group)

Korea’s logistics giant Hanjin Group achieved record sales of over 3 trillion won ($2.09 billion) last year, driven by its burgeoning global logistics business.

The parent company of Korea's flag carrier Korean Air announced Wednesday that its 2024 sales reached 3.14 trillion won, up 7.4 percent on-year.

Hanjin Group attributed its record-high sales to an increase in international forwarding volume, along with higher air and maritime cargo rates. Additionally, the company expanded its global network last year, increasing its number of overseas hubs to 42 across 22 countries.

The logistics and express business, where the group has traditionally excelled, also contributed to the sales growth.

While enhancing infrastructure at container terminals and major ports across Korea, Hanjin Group opened the Daejeon Smart Mega Hub in January 2024. The new express hub in Daejeon boosted its affiliate Hanjin Express’ daily capacity by 1.2 million parcels.

Meanwhile, Hanjin’s operating profit decreased by nearly 20 percent to 100.5 billion won compared to 2023. The decline came as the company is expected to spend 27.4 billion won more for wages, following the Korean Supreme Court's redefinition of ordinary wages on December 19.

“Hanjin Group continued its strong growth last year, driven by the expansion of global logistics and the recovery of the logistics and express sectors, which represent our future and traditional core businesses, respectively,” said a Hanjin Group official. “Despite the anticipated increase in market volatility in 2025, we will focus on nurturing future business opportunities while consolidating our fundamental strengths.”

By Lim Jae-seong (forestjs@heraldcorp.com)