Kumho Tire Reports Record High Operating Profit of 590.6 Billion KRW Last Year

Five Consecutive Quarters of Sales Surpassing 1 Trillion KRW

Kumho Tire announced on the 6th that its operating profit last year increased by 43.7% to 590.6 billion KRW. Sales revenue reached 4.5381 trillion KRW, up 12.3%.

Fourth-quarter sales amounted to 1.2466 trillion KRW, rising 17.5% compared to the same period last year, marking over 1 trillion KRW for five consecutive quarters since Q4 2023. However, operating profit fell 11.0% to 153.2 billion KRW.

Kumho Tire explained that despite the global economic downturn and weakening demand in the finished car market, sales expanded steadily in both the global new car (OE) and replacement (RE) tire markets, mainly in key markets such as the US and Europe, showing consistent sales growth.

They also improved profitability through value enhancement focused on high-margin products, stable profit structure creation via sales price management, and diversification of distribution channels.

Kumho Tire set its management goals for this year as achieving sales of 5 trillion KRW, reaching a 46% sales ratio of high-inch products of 18 inches or more, and securing a 26% share of EV tires based on global OE sales.

A Kumho Tire official stated, "We have set a sales growth rate of over 10% compared to last year, and this year we plan to focus on expanding the global market and securing profitability through strengthening the high value-added product portfolio and expanding global production capacity."

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