Korea & Company Records Operating Profit of 228.4 Billion KRW Last Year, Up 46% YoY

Sales increased by 17.7% year-on-year to 965.9 billion KRW
Sales growth driven by global sales expansion of 'AtlasBX' and 'Hanguk' brand batteries

[Asia Economy Reporter Hyunseok Yoo] Hankook & Company, the holding company of Hankook Tire & Technology (hereinafter Hankook Tire), announced on the 15th that it recorded global consolidated sales of 965.9 billion KRW and operating profit of 228.4 billion KRW last year. Sales increased by 17.7% and operating profit by 45.9% compared to the previous year.

Last year, Hankook & Company increased global battery sales through its domestic distribution brand 'AtlasBX' and global distribution brand 'Hankook.' Along with this, sales grew based on effective regional price management. Additionally, as a holding company, the operating profit rose reflecting the performance of its major affiliate Hankook Tire, showing stable results.

In the fourth quarter of last year, sales reached 253.6 billion KRW with an operating profit of 35 billion KRW. Sales increased by 10.7% compared to the same period last year, but operating profit decreased by 33.2%. The affiliate Hankook Tire experienced a decline in performance due to a total strike at its Korean factory.

Hankook & Company was newly launched as a business-type holding company in April last year through a merger with 'Hankook AtlasBX.' Batteries are mainly operated under the 'AtlasBX' and 'Hankook' brands. It ranks 9th globally in lead-acid battery production capacity and provides services to about 120 countries worldwide.

In May, the group announced its future growth portfolio ‘STREAM.’ Along with strengthening core business competitiveness, it pursued new business discovery and reinforcement of new growth engines. STREAM is an acronym formed from the first letters of the group’s core entry fields: ▲Sustainable batteries and renewable energy ▲Tires and related core industries ▲Diversification of future technology utilization businesses ▲Electric and electronic parts, technologies, and solutions ▲Robotics, logistics automation and efficiency ▲Mobility industry overall.

Based on this, as the first new business target, it acquired shares in the Canadian micro-precision machinery company ‘Precisely Microtechnology’ in November last year.

Hankook & Company plans to lead the discovery of new businesses to continuously enhance competitiveness in the battery business and strengthen new growth engines.

This content was produced with the assistance of AI translation services.