Hankook Tire: 2023 “best ever” financial result

With sales of KRW 8,939.6 billion (£5.3 billion) and an operating profit of KRW 1,327.9 billion (£783.5 million), in 2023 Hankook Tire & Technology achieved the “best performance since its establishment.” Sales were up 6.5 per cent year-on-year, while operating profit increased 88.1 per cent. According to Hankook Tire, these results “solidify” the company’s position as a “prominent, top-tier global brand.”
In the fourth quarter of 2023, sales and operating profit reached KRW 2,232.0 billion (£1.4 billion) and KRW 492.4 billion (£290.5 million), respectively.
Hankook Tire celebrated these positive financial results with a modicum of trumpet blowing, claiming that its “robust performance” results from “premium brand strategies as well as sustained, proactive investment in research undertaken to adapt to future mobility trends.” The company particularly credits these “unprecedented figures” as stemming in part from the expansion of the Hankook iON brand, the “world’s first full line-up of electric vehicle-exclusive tyres.”
The tyre maker further attributes its strong performance to its strengthened supply of tyres for supercars and global premium brands as well as increasing sales of 18-inch and higher passenger car tyres. A decrease in the cost of raw materials such as synthetic rubber and carbon black, as well as stabilising sea freight costs, also helped the company maintain competitive pricing.
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