SEOUL, South Korea—Hankook Tire & Technology posted record fiscal-year operating profit in 2024, a performance it attributed to growth of high value-added product sales despite the global economic downturn.
Operating profit leapt 32.7 percent to $1.29 billion on 5.3-percent higher global sales of $6.9 billion, resulting in a 4-point jump in the operating ratio to 18.7 percent.
For 2025, Hankook said it expects to deliver "year-on-year sales growth" while maintaining an operating-profit margin at around 10 percent and increasing the sales-share of larger car tires to over 50 percent.
For full-year 2024, Hankook said its sales of larger-rim-diameter tires (18-inch and above) rose 2.3 percentage points to account for 46.5 percent of the firm's passenger tire business.
Hankook also strengthened its premium OE business with new fitments with German car makers Audi A.G., BMW A.G., Mercedes-Benz A.G. and Porsche A.G., as well as electric-vehicle producers including BYD, Hyundai Motors, Tesla and Volkswagen A.G..
The record fiscal earnings performance came despite a 3.9-percent dip in operating income in the fourth quarter, to $338.7 million, on 7.7 percent higher sales of $1.81 billion.
