Kumho Tire reports strong quarter on robust sales

Seoul – Kumho Tire has posted another record quarter sales with a revenue of KRW1,221 billion (€755 million), up 8% year-on-year.

In its preliminary results published 30 July, the Korean tire maker said operating profit for the quarter stood at KRW175.2 billion, up from KRW151.5 billion reported for the same quarter last year.

Second-quarter sales growth was driven by the expansion of OE tire supply and the growth of the replacement tire market, including “high-margin tires,” said Kumho.

This marked the company's “best performance in the second quarter,” while maintaining sales of above KRW1,000 billion for the seventh consecutive quarter.

According to Kumho, sales of high-inch products reached 43.4% of overall sales, and the proportion of OE EV tires supplied to new vehicle models reached 20.3%.

The Korean tire maker said it plans to maintain its sales growth in the second half by “developing new customers and expanding supply in major global markets such as North America and Europe.”

It also aims to expand the sales of high-value-added products and strengthen its presence in the “premium market” by revamping its product portfolio.