Hankook Tire & Technology(161390)(Hankook Tire) said in a filing on the 11th that its operating profit under consolidation for the second quarter of this year was tentatively tallied at 559.1 billion won, up 58.09% from the same period last year.
During the same period, revenue was tentatively tallied at 5.6825 trillion won, up 5.83%, and net profit was 317.2 billion won, up 77.48%. Hankook Tire's second-quarter revenue this year is an all-time high.
Hankook Tire said this was thanks to its business strategy centered on premium and electrification, through which it has continued to strengthen a portfolio of high value-added products such as tires 18 inches and larger and tires dedicated to electric vehicles.
In the second quarter, 18-inch-and-larger tires accounted for 49.5% of Hankook Tire's passenger car and light truck tire sales, and EV-dedicated tires accounted for 31.8%.
By region, the company said revenue growth was driven by expanded supply of original equipment (OE) tires and increased demand for replacement (RE) tires in key markets such as Europe and China, with China in particular seeing higher sales of replacement tires for electric vehicles.
Hankook Tire plans to bolster its global supply capabilities based on expansions at its Tennessee plant in the United States and its Hungary plant in Europe, and proactively respond to demand in key markets and the expansion of OE tire supply.