Nexen Tire Achieves Record-High Q1 Sales of 838.3 Billion Won... Operating Profit Reaches 54.2 Billion Won

Sales Up 8.7% Driven by Strong Performance in Europe and the US
High-Inch Products Reach 40% Share, Boosting Profitability

Nexen Tire announced at a corporate briefing on April 29 that it recorded sales of 838.3 billion won and operating profit of 54.2 billion won in the first quarter. This result represents an 8.7% increase in sales compared to the same period last year, marking the company's highest-ever quarterly revenue.

The first quarter performance was driven by strong sales in major markets such as Europe and the United States. Based on the stabilization of the second phase production system at the European plant, the company expanded orders from existing clients and developed new accounts, resulting in increased sales volume. In addition, despite a slowdown in demand in the original equipment manufacturer (OEM) market, Nexen Tire achieved stable sales growth through a diversified portfolio of OE tires.

In terms of profitability, improvements in product mix and cost stabilization effects were reflected. The share of high value-added products, such as premium OE and tires for SUVs and electric vehicles, increased. The proportion of sales from high-inch products (18 inches and above) also reached 40%. Furthermore, efforts to minimize cost pressures from raw materials and ocean freight, as well as overall management efficiency initiatives, contributed to improved profitability.

Along with the earnings announcement, Nexen Tire also shared updates on its management status and key strategies. The company is strengthening its ability to respond in global markets by launching region-specific new products. In the first quarter, it introduced the high-performance 'N’Fera Sport' and all-weather 'N’Blue 4Season 2' tires to the domestic market, targeting premium demand.

In addition, Nexen Tire launched the high-efficiency summer tire N’Blue S in the Central and South American and Asia-Pacific markets and is focusing on enhancing retail competitiveness through collaboration with local distributors. In particular, the company is continuing strong growth in key strategic markets such as Australia and Japan, promoting diversification of its global sales structure.

A Nexen Tire representative stated, "We achieved solid results despite an uncertain business environment," adding, "We will continue to strengthen product competitiveness and operational efficiency to ensure sustainable, sound growth."

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