Korea & Company Reports Operating Profit of 238.5 Billion KRW Last Year: "Strengthening Premium Product Sales This Year"

[Asia Economy Reporter Hyunseok Yoo] Hankook & Company, the business holding company of Hankook Tire & Technology (hereinafter Hankook Tire), announced on the 14th that it recorded consolidated sales of 1.0897 trillion KRW and operating profit of 238.5 billion KRW last year. This represents a 13.1% increase in sales and a 4.5% increase in operating profit compared to the previous year.

The Energy Solutions Division, responsible for the lead-acid battery business, strengthened strategic sales price management by major global markets and the sales of premium AGM (Absorbent Glass Mat) batteries based on the ‘Hankook’ and ‘ATLASBX’ brands. Additionally, it established a new corporation in Germany, Europe, and achieved expansion of the global sales network by securing new customers in North America and Latin America.

As a holding company, the operating profit also increased reflecting the performance of its major affiliate Hankook Tire, showing stable results. In the ESG sector, it was recognized for its contribution by receiving the ‘Happiness Award’ in the donation category of the ‘Love Fruit Grand Prize’ hosted by the Community Chest of Korea. Since 2003, the company has continued win-win activities with local communities in connection with Love Fruit, donating approximately 13.6 billion KRW by 2022 to support marginalized neighbors.

In 2023, Hankook & Company plans to focus more on accelerating global growth by continuously expanding production and sales of AGM batteries and stabilizing the Tennessee plant in the United States as part of strengthening its core business competitiveness.

For Hankook Tire, a major affiliate of the group, it achieved record-high sales of 8.3942 trillion KRW and operating profit of 705.7 billion KRW in 2022 based on global consolidated management performance. The increase was driven by expanding the proportion of high value-added products, effective pricing strategies, and increased supply of original equipment tires (OET) in major global markets.

Meanwhile, Hankook & Company was newly launched as a business holding company through a merger with Korea AtlasBX Co., Ltd. in April 2021. It provides lead-acid battery services to about 450 customers in approximately 100 countries worldwide, securing sales competitiveness in the global market. In the holding division, it shares an integrated brand system reflecting the group’s global brand ‘Hankook’ with affiliates and plays a role in realizing the group’s sustainable growth by discovering future new growth engines.

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