Hankook Tire Reports Operating Profit of 682.4 Billion KRW Last Year, Up 15.5% Year-on-Year

[Asia Economy Reporter Kang Nahum] Hankook Tire & Technology announced on the 5th that its operating profit based on consolidated financial statements for last year was tentatively estimated at 628.4 billion KRW, a 15.5% increase compared to the previous year.

Sales amounted to 6.454 trillion KRW, a 6.2% decrease compared to the previous year (6.8832 trillion KRW). Net profit decreased by 11.7% to 379.3 billion KRW.

Operating profit for the fourth quarter of last year was 227.6 billion KRW, a 94.2% increase compared to the same period last year. Sales and net profit were 1.7677 trillion KRW and 144 billion KRW, respectively.

Hankook Tire explained, "Regarding last year's business performance, although sales decreased compared to the previous year due to the global demand slowdown caused by COVID-19, operating profit increased, achieving qualitative growth. In particular, the sales proportion of high-inch passenger car tires of 18 inches or more increased by 3 percentage points compared to the previous year to 35%, driving strong performance."

Hankook Tire, celebrating its 80th anniversary this year, has set a sales target of over 7 trillion KRW. The company plans to continue a sustainable growth structure through a diversified product portfolio and optimization of distribution strategies by overseas regions.

Hankook Tire has also signed new tire supply contracts with premium automakers, including Porsche's first pure electric vehicle 'Taycan', Audi's top model in the Q series 'RS Q8', Audi's ultra-high-performance coupe-type sedan 'RS7 Sportback', and the super wagon 'RS6 Avant'.