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% to $1.29 billion on 5.3% higher global sales of $6.9 billion, resulting in a 4-point jump in the operating ratio to 18.7%.
For 2025, Hankook said it expects to deliver "year-on-year sales growth" while maintaining an operating-profit margin at around 10% and increasing the sales-share of larger car tires to over 50%.
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% 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% dip in operating income in the fourth quarter, to $338.7 million, on 7.7% higher sales of $1.81 billion.
