About 306 associates of four groups
, SK, Hyundai Motor and L
to 24.51 trillion won ($17.9 billion) in 2023, down from 71.91 trillion won a year earlier, according to a report by corporate data firm Korea CXO Institute.

Samsung Group, the country's largest conglomerate, suffered the biggest decline in profits last year due to the poor performance of its main subsidiary Samson Electronics, Yonhap news agency reported.

Operating income at the group's 59 affiliates plunged a massive 93 percent to 2.83 trillion won last year from 38.74 trillion won a year earlier.

Notably, Samsung Electronics shifted from an operating profit of 25.31 trillion won last year to an operating loss of 11.5 trillion won in 2023 due to low chip demand.

SK Group's 135 affiliates reported operating profit of 3.91 trillion won, down 80 percent from 19.14 trillion won during the same period.

Key peer SK Hynix shifted to an operating loss of 4.67 trillion won against an operating profit of 7.66 trillion won due to slow chip sales.

LG Group was not an exception. Its 48 affiliates went from an operating profit of 1.44 trillion won to an operating loss of 270.7 billion won.

In contrast, Hyundai Motor Group brought in solid results driven by strong demand for its SUVs and high-end Genesis models in global markets.

The automotive group's 50 affiliates recorded operating profit of 18.0 trillion won last year, up 43 percent from 12.58 trillion won a year earlier.