South Korean automaker Hyundai Motor Co. in the second quarter of 2022 increased net profit by more than one and a half times, to 3.085 trillion South Korean won ($2.35 billion) against 1.983 trillion won in the same period last year.

Analysts polled by FactSet had expected the average to be 1.908 trillion won.

The company’s operating profit jumped 58% to 2.98 trillion won.

Quarterly revenue rose 19% year-over-year to 36 trillion won. Meanwhile, last quarter sales fell 5.3% to 976,000 vehicles.

Hyundai noted that the increase in profit and revenue was driven by strong sales growth in the luxury and sports car sector, including the Genesis brand.

In addition, the strengthening of the dollar against the won also allowed the company, which sells most of its products in foreign markets, to significantly increase profits. In the first half of the year, Hyundai increased its revenue by 15% to 66.298 trillion won, net profit – by 39% to 4.862 trillion won.

The company expects auto shipments to pick up gradually as the semiconductor shortage resolves, but uncertainties from geopolitical tensions, the spread of the coronavirus and inflation are putting pressure on the business.

Hyundai’s capitalization has fallen by almost 10% since the beginning of 2022.