5 Feb 2025
Gains driven by increased sales of higher-value tires despite challenging global economic environment
Seoul – For 2024, Hankook Tire & Technology has posted a 32.7% year-on-year increase in operating profit to around €1,195 million on global consolidated sales 5.3% higher at €6,381 million.
“Record-high profitability” was driven by an expansion of high-value-added product sales despite the global economic downturn, the Korean tire maker reported 4 Feb.
Momentum, however, seems to have stalled by the fourth-quarter: while sales increased 7.7% year-on-year to €1,700 million, operating profit dipped 12.8% to €318 million.
For full-year 2024, Hankook increased its sales-share of 18” and larger passenger car tires by 2.3 percentage points year-on-year to reach 46.5%.
Supply to premium automotive brands also “strengthened,” Hankook highlighting an increase in OE fitments for makers such as Audi, BMW, Mercedes-Benz and Porsche, as well as EV players including BYD and Tesla.
For 2025, Hankook aims to deliver “year-on-year sales growth" while maintaining an operating-profit margin at around 10% and increasing the sales-share of larger car tires to over 50%.
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