Kumho Tire reported that its annual revenue for 2024 was 4.5381 trillion won and its operating profit was 590.6 billion won, according to a provisional report released on the 6th. Both revenue and operating profit represent the highest figures since Kumho Tire's founding in 1960.
According to the Financial Supervisory Service's electronic disclosure system, Kumho Tire's revenue increased by 12.3% and its operating profit rose by 43.7% compared to 2023. The operating profit margin increased from 10.2% in 2023 to 13% last year, a rise of 2.8 percentage points.
Kumho Tire explained that the sales of both new tires and replacement tires expanded, and profitability was enhanced through the sale of high-value products such as tires with a diameter of 18 inches or larger and electric vehicle tires, as well as diversification of distribution channels.
Kumho Tire's sales share of tires 18 inches and above increased from 38.1% in 2023 to 41.8% last year. The target for 2025 is 46%. The sales share of electric vehicle tires also rose from 9.8% in 2023 to 16.3% last year. The target for this year is 26%.
Kumho Tire also announced its goal to achieve 5 trillion won in revenue this year. Kumho Tire noted that it plans to focus on market expansion and securing profitability through strengthening its high-value product portfolio and increasing global production capacity and sales.