Kumho sales rose to a record level

Kumho Tire has reported its 2024 results, with sales volumes for the 12 months reaching $3.1 billion, up 12.3% from 2023, while operating profit grew 43.7% to $410 million. The financial results were the best in the company's history.

In the fourth quarter of 2024, Kumho's revenue was $860 million (operating profit - $110 million), 17.5% more than a year earlier, and the company noted that sales exceeded 1 trillion won ($690 million) for the fifth consecutive quarter since the end of 2023.

Kumho also emphasized that despite the global economic downturn and continued slowdown in car demand, the company was able to continue increasing sales in both the original equipment sector and the replacement market, with the US and Europe being key regions. Additionally, profitability was improved due to the growth of high-margin products and price adjustments, as well as the diversification of sales channels.

In 2025, Kumho aims to increase revenue to 5 trillion won ($3.5 billion) and increase the share of large-diameter tires (18 inches and above) in sales to 46%. The company also expects the share of electric vehicle tires to grow to 26% of original equipment shipments.

"Kumho Tire aims to achieve more than 10% annual sales growth and focus on expanding its global presence, strengthening its high-value product lineup, and increasing production capacity," the company added.

Earlier, another Korean tire company, Hankook Tire, also reported record sales.