Hankook Tire Reports 2Q Operating Profit of 420 Billion KRW, Up 69% YoY

Hankook Tire & Technology announced on the 8th that its consolidated operating profit for the second quarter of this year reached 420 billion KRW, a 69% increase compared to the same period last year.

Sales amounted to 2.3178 trillion KRW, up 2% from the same period last year. Compared to the previous quarter, operating profit increased by 5% and sales by 9%. The company explained, "Proactive research and development, leading the electric vehicle tire market, and strengthening partnerships with high-performance vehicle brands have driven the premium brand strategy, sustaining growth."

Hankook Tire & Technology Headquarters
[Photo by Hankook & Company]

Specifically, the proportion of high-inch tires (18 inches and above) in passenger car and light truck tire sales was 46.3%, an increase of 2.8 percentage points compared to the same period last year. By region, the sales proportion of high-inch tires is about 63% in China, 55% in Korea and North America, and 38% in Europe.

The company consistently supplies new car tires for high-performance models and premium brands. It supplies new car tires to over 280 models from more than 50 automobile brands. After launching the electric vehicle tire brand ION, the product lineup has diversified, currently operating 236 specifications ranging from 16 inches to 22 inches.