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Hankook Tire announces 2023 financial results

2024. 02. 05

- The company marked its highest performance ever, with 6.5% sales and 88.1% operating profit growth YoY
- Chairman Hyunbum Cho’s leadership on premium strategies and investments in research and development have played a key role in driving success
- Quantitative and qualitative growth is attributed to the expansion of high-value products in key markets, including EVs and premium OE

Seoul, Korea, February 2, 2024 – Leading global tire company Hankook Tire & Technology (Hankook Tire) has announced sales of KRW 8,939.6 billion and an operating profit of KRW 1,327.9 billion based on global consolidated financial results for 2023.

Despite the global economic downturn, these figures represent Hankook Tire’s highest performance since its establishment – with a year-on-year (YoY) increase of 6.5% in sales and 88.1% in operating profit – solidifying its position as a prominent, top-tier global brand. In the fourth quarter of 2023, sales and operating profit reached KRW 2,232.0 billion and KRW 492.4 billion, respectively.

The robust performance is the result of premium brand strategies as well as sustained, proactive investment in research undertaken to adapt to future mobility trends, all under the leadership of Hankook Tire Chairman Hyunbum Cho.

The unprecedented figures stemmed in part from the expansion of Hankook Tire’s “iON” brand, the world’s first full lineup of electric vehicle (EV)-exclusive tires. The company’s strong performance was also fueled by strengthening the supply of tires for supercars and global premium brands, as well as increasing sales of high-inch passenger car tires (18 inches and above), representing new levels of diversification for the high-value portfolio.

In addition, despite decreases of raw materials cost-products such as synthetic rubber and carbon black–and maritime freight costs, maintaining competitive prices, have contributed to performance improvements.

Hankook Tire has been continuously expanding its sales and lineup since introducing iON to the global market. At the same time, the company is an exclusive supplier and official partner of the world’s leading EV racing competition, the ABB FIA Formula E World Championship. Hankook Tire leads the global EV tire market through its innovative, highly specialized technology accumulated over many years, predating the widespread commercialization of EVs.

As a worldwide industry leader, Hankook Tire has cemented its position as a premium tire manufacturer by supplying approximately 250 new car tires to roughly 40 global car brands, including Porsche, Mercedes-Benz, BMW, Audi, and Tesla.

2023 Consolidated Financial Result

(Unit: Billion KRW) FY 2022 FY 2023
Sales 8,394.2 8,939.6
Operating Profit 705.8 1,327.9
(Unit: Million USD) FY 2022 FY 2023
Sales 6,496.2 6,848.1
Operating Profit 546.2 1,017.2
(Unit: Million EUR) FY 2022 FY 2023
Sales 6,184.3 6,329.5
Operating Profit 519.9 940.1

*Exchange Rates:

  FY 2022 FY 2023
USD / KRW 1,292.16 1,305.41
EUR / KRW 1,357.34 1,412.36

(NOTE: Average exchange rates for the given annual period, retrieved from Korea Exchange Bank)

Q4 2023 Consolidated Financial Results

(Unit: Billion KRW) Q4 FY 2022 Q3 FY 2023 Q4 FY 2023
Sales 2,263.8 2,340.0 2,232.0
Operating Profit 212.0 396.3 492.4
(Unit: Million USD) Q4 FY 2022 Q3 FY 2023 Q4 FY 2023
Sales 1,665.4 1,784.9 1,689.8
Operating Profit 155.9 302.3 372.7
(Unit: Million EUR) Q4 FY 2022 Q3 FY 2023 Q4 FY 2023
Sales 1,631.8 1,638.4 1,570.2
Operating Profit 152.8 277.4 346.4

*Exchange Rates:

  Q4 FY 2022 Q3 FY 2023 Q4 FY 2023
USD / KRW 1,359.26 1,310.95 1,320.84
EUR / KRW 1,387.29 1,428.19 1,421.43

(NOTE: Average exchange rates for the given period, retrieved from Korea Exchange Bank)