Hankook Tire reports record Q2 revenue and 58% profit surge

Hankook Tire & Technology reported a significant increase in its second-quarter financial results, driven by strong sales of high-value products such as high-inch and electric vehicle (EV) specific tires. The company recorded consolidated revenue of 5.6824 trillion KRW, a 5.8% increase year-on-year, and an operating profit of 559 billion KRW, representing a 58.1% surge compared to the same period last year.

The tire division achieved record quarterly revenue of 2.8073 trillion KRW, with an operating profit of 483.2 billion KRW and an operating margin of 17.2%. Growth was supported by increased original equipment (OE) supplies in Europe and China, alongside steady replacement tire (RE) demand. Notably, high-inch tires (18 inches or larger) accounted for 49.5% of passenger and light truck tire sales, while EV-specific tires made up 31.8% of OE sales.

Additionally, the thermal management subsidiary Hanon Systems contributed to the consolidated results, reporting revenue of 2.8752 trillion KRW and an operating profit of 103.7 billion KRW, marking a return to profitability. To meet growing global demand, the company plans to expand production capacities at its facilities in Tennessee, USA, and Hungary.