SEOUL, South Korea—Hankook Tire Technology & Co. Ltd. posted an 88.1-percent year-on-year increase in operating profit for 2023, to $1.02 billion, on sales 6.5-percent above the prior-year level at $6.85 billion.
And, while fourth quarter revenue dipped 3.8 percent year-on-year to $1.71 billion, operating profit jumped to $377 million, from the prior year $160 million.
Hankook said in a Feb. 2 consolidated group statement that 2023 represented the company's "best performance ever" despite the global economic downturn.
Hankook linked its performance in 2023 to premium brand strategies as well as progress of its R&D programs in adapting to new mobility trends.
In the premium tire market, Hankook said it supplied around 250 OE tire models to about 40 global car brands, including Audi, BMW, Mercedes-Benz, Porsche and Tesla.
High-points, it added, included an expansion of the iON range of EV tires, strengthened supply for supercars and global premium brands and increased sales of 18-plus-inch car tires.
Last year also saw a decline in the cost of raw materials such as synthetic rubber and carbon black and in maritime freight costs, the company further noted.