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Hankook announces Q1 2024 financial results

  • Hankook maintained a strong performance, having grown its sales by 1.1 percent and its operating profit by 108.8 percent year-on-year (YoY)
  • The company is leading the electric vehicle (EV) tyre market and increasing sales of high-value-added products under the leadership of Hankook & Company Group Chairman Hyunbum Cho
  • Strong operating margins reflect external changes, including the stabilisation of global raw material prices and ocean freight costs
Hankook announces Q1 2024 financial results

Seoul, Korea / Neu-Isenburg, Germany, 30 April 2024 Premium tyre manufacturer Hankook announced sales of KRW 2,127.2 billion (approx. EUR 1,474.0m) and an operating profit of KRW 398.7 billion (approx. EUR 276.2m) based on the global consolidated financial results for the first quarter of 2024. Sales increased 1.1 percent year-on-year (YoY), and operating profit increased 108.8 percent.

Despite the global economic downturn and the tensions in the Middle East, Hankook has continued to grow under the leadership of Hankook & Company Group Chairman Hyunbum Cho, who strategically chose to invest in research and development (R&D) in anticipation of the future mobility market. Furthermore, Hankook has yielded success by leading the EV tyre market and expanding sales of high-value products based on its supercar and global premium brand strategy.

Due to the company's early emphasis on developing tyre technology for high-performance premium electric vehicles, Hankook is now at the forefront of the worldwide EV tyre market, dominating the industry even before EVs became widely available. Hankook has continued diversifying its portfolio for the tyre brand iON since its release and is currently selling 202 tyre specifications ranging from 16 to 22 inches. In March 2023, iON outperformed rivals from top-tier brands in a test conducted by TÜV SÜD, a global testing and certification agency.

This year, the company aims to boost the proportion of EV tyres in its passenger car and light truck (PCLT) Original Equipment Tyre (OET) supply to 25 percent. Hankook is now providing OET for electric vehicle models for the Audi e-tron GT, BMW i4, Hyundai Ioniq 6, Porsche Taycan, Tesla Model Y, and Model 3 and Volkswagen ID.4.

In PCLT tyre sales, the proportion of sales of high-inch passenger tyres (18 inches and above) was 46.8 percent, up 3.3 percentage points YoY. By region, the share of high-inch passenger tyres was highest in China (62.5 percent), followed by Korea (56.5 percent), North America (56.4 percent) and Europe (37.4 percent).

As a world-leading tyre company, Hankook has consolidated its global technological competitiveness by fulfilling the tyre performance requirements of high-performance vehicles and global premium brands, currently supplying new tyres for more than 250 models from nearly 40 automakers, including Audi, BMW, Mercedes-Benz, Porsche and Tesla.

Hankook is also positioning itself as the world’s leading EV tyre technology and premium brand. Since the 2023 season, Hankook has been the exclusive tyre supplier and official technical partner of the ABB FIA Formula E World Championship, the world’s premier EV racing competition. Also, Hankook is focusing on developing tyre technology and improving the performance of EV tyres by leveraging the data acquired from the competition to improve its product line.

Prices of raw materials such as synthetic rubber and carbon black were maintained at a decent level, as were ocean freight costs, contributing to this quarter’s solid performance.

 

Q1 2024 Consolidated Financial Result

(Unit: Billion KRW)

Q1 FY 2023

Q4 FY 2023

Q1 FY 2024

Sales

2,104.0

2,232.0

2,127.2

Operating Profit

190.9

492.4

398.7

(Unit: Million USD)

Q1 FY 2023

Q4 FY 2023

Q1 FY 2024

Sales

1,649.4

1,689.8

1,601.2

Operating Profit

149.6

372.7

300.1

(Unit: Million EUR)

Q1 FY 2023

Q4 FY 2023

Q1 FY 2024

Sales

1,537.4

1,570.2

1,474.0

Operating Profit

139.4

346.4

276.2

 

*Exchange Rates:

 

Q1 FY 2023

Q4 FY 2023

Q1 FY 2024

USD / KRW

1,275.58

1,320.84

1,328.45

EUR / KRW

1,368.51

1,421.43

1,443.10

(NOTE: Average exchange rates for the given annual period were retrieved from Korea Exchange Bank)

Hankook Tire es uno de los principales fabricantes de neumáticos con mayor volumen de producción de todo el mundo de innovadores neumáticos radiales y de altas prestaciones en el segmento Premium para turismos, SUVs, todoterrenos, vehículos comerciales, autocaravanas, camiones, autobuses y vehículos de competición (pruebas en circuitos y carreras callejeras/rallies).

Con el fin de ofrecer a sus clientes la máxima calidad combinada con la excelencia tecnológica, Hankook invierte continuamente en investigación y desarrollo manteniendo sus cinco centros de I+D y ocho grandes fábricas en todo el mundo. La compañía desarrolla y produce soluciones de neumáticos especialmente adaptadas a las exigencias y requerimientos de los mercados regionales.

Además, en el Centro Técnico Europeo de Hankook situado en Hannover (Alemania) se desarrollan neumáticos de Equipo Original de acuerdo con los requerimientos de los fabricantes de vehículos líderes en este continente. La producción para la región europea se desarrolla principalmente en la fábrica ultra moderna de la compañía en Rácalmás (Hungría), inaugurada en 2007 y en proceso de expansión continua.

La Oficina Central Europea del fabricante de neumáticos está situada en Neu-Isenburg, cerca de Frankfurt del Meno en Alemania. El fabricante opera en la mayoría de países europeos y vende sus productos a través de distribuidores regionales en otros mercados locales. La compañía cuenta con 20.000 trabajadores en todo el mundo y sus productos se distribuyen en más de 160 países. La empresa ha sido seleccionada como socio técnico y proveedor exclusivo de neumáticos de la Generación 3 para el Campeonato Mundial de Fórmula E ABB de la FIA, a partir de 2023. Los fabricantes de vehículos líderes confían en los neumáticos de Equipo Original de Hankook. Aproximadamente, el 34 por ciento de las ventas globales de la compañía se generan en Europa y la región CIS.

Para más información visite nuestra página web: www.hankooktire-mediacenter.com o www.hankooktire.com/es

Hankook España S.A | Calle Teide nº 3, 28703 San Sebastián de los Reyes (Madrid)  | España

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