Korea & Company reported an impressive revenue of 1.097 trillion won and an operating profit of 253 billion won in its consolidated financial results for 2023. This marks a 0.1% increase in revenue and a 3.2% increase in operating profit compared to the previous year.
Under the leadership of Chairman Cho Hyun-bum, the group is currently implementing a global premium growth strategy and investing in research and development, which has shown visible results in the Energy Solution Division responsible for lead-acid battery operations. Both revenue and operating profit in the fourth quarter of 2023 exhibited substantial growth compared to the same period last year, driven by the ongoing increase in sales of premium AGM (Absorbent Glass Mat) batteries.
Moreover, profitability has improved due to factors such as increased equity method gains from major subsidiary Hankook Tire & Technology Co., Ltd. (Hankook Tire). Hankook has been leading the global tire market by expanding its full lineup electric vehicle dedicated tire brand, ‘iON’, and strengthening tire supply for new vehicles targeting supercars and global premium brands.
In 2024, Korea & Company plans to continue expanding production and sales of AGM batteries to enhance its fundamental business competitiveness and strengthen its future growth engines through the development of lithium-ion batteries (LIB).
Meanwhile, Korea & Company was established as a business-holding company in April 2021 after merging with Atlast Vex Co., Ltd., and is providing lead-acid battery services to approximately 450 customers in around 100 countries, ensuring sales competitiveness in the global market.
In the holding division, it shares an integrated brand system reflecting the group’s global brand ‘Hankook’ with its subsidiaries and plays a role in realizing sustainable growth for the group by identifying new growth engines.
Jang Lee daedusj@autodiary.kr