Kumho Tire Reports 3.5592 Trillion KRW in Sales Last Year, Up 37% Year-on-Year

Kumho Tire announced on the 22nd that its consolidated operating results for last year recorded sales of 3.5592 trillion KRW and an operating profit of 23.1 billion KRW. This represents a 36.8% increase in sales and a 2.3 percentage point increase in operating profit compared to the previous year.

Despite uncertain market conditions last year, including rising raw material and logistics costs and a global economic downturn, Kumho Tire's sales and operating profit increased due to price hikes in major global markets and an expanded proportion of high-margin products.

In particular, both new car tire sales increased due to higher vehicle production in major global regions such as North America and Europe, and replacement tires (RE) achieved stable sales.

The operating profit turned positive for the first time in three years. Despite multiple cost increases such as raw materials and logistics, profitability improved by raising selling prices and increasing the share of high value-added products.

This year, Kumho Tire plans to focus on securing profitability through expanding tire sales in key markets and increasing the proportion of high-inch tire sales amid the uncertain global tire market.