Kumho Tire has announced its preliminary results for Q4 2023 and its business goals for 2024.
The company reported a revenue of 1.0605 trillion won and an operating profit of 149.5 billion won (operating profit margin of 14.1%) for Q4 last year, marking an 11.8% increase in revenue and a staggering 710.6% increase in operating profit compared to the same period last year.
In 2023, Kumho Tire secured production capacity through the expansion of its factory in Vietnam and increased sales in advanced markets such as the U.S. and Europe. Moreover, through stable profit structure creation via price management, diversified distribution channels, and expanded logistics infrastructure, it achieved annual sales of 4.410 trillion won and an operating profit of 388.3 billion won (operating profit margin of 9.6%), improving both revenue and operating profit.
Kumho Tire has set its business goal for this year at a revenue of 4.560 trillion won, aiming to break its record for the highest performance since its foundation.
Having successfully turned a profit in 2022, laying the groundwork for management normalization, Kumho Tire plans to increase revenue through targeted high-value-added markets focused on profitability, diversifying its global distribution network, expanding supply to domestic and international automakers, and launching premium products to ensure stable profit structures and financial soundness.
Contact: Lee Sang-jin daedusj@autodiary.kr