Hankook reports 88% increase in full-year earnings ­

Seoul – Hankook Tire has posted an impressive 88.1% year-on-year increase in operating profit for 2023, to €940.1 million, on sales 6.5% above the prior-year level at €6,329.5 million.

And, while fourth quarter revenue dipped 3.8% year-on-year to €1,570.2 million, operating profit jumped to €346.4 million, from the prior-year €152.8 million.

“Despite the global economic downturn, these figures represent Hankook Tire’s best [ever] performance,” the group said in a consolidated results statement issued 2 Feb.

Hankook linked its performance in 2023 to premium brand strategies as well as progress of its R&D programmes in adapting to new-mobility trends. 

In the premium tire market, Hankook said it supplied around 250 OE tire models to about 40 global car brands, including Audi, BMW, Mercedes-Benz, Porsche, and Tesla.

High-points, it added, included an expansion of the iON range of EV tires, strengthened supply for supercars and global premium brands and increased sales of 18”+ car tires.

Last year also saw a decline in the cost of raw materials such as synthetic rubber and carbon black and in maritime freight costs, the company further noted.