Kumho Tire announced the global results for the second quarter of 2023. In Q2, Kumho Tire said it sold roughly $7.6 million (USD), with an operating profit of $66.36 million. Kumho Tire’s sales increased by 12.3% year-on-year, thanks to increased sales volumes of premium product lines. Its operating profit margin reached 8.8%, up 8.6% year-on-year.
Cumulative sales for the first half of the year were $1.53 billion (up 22.7% compared to the same period last year); operating profit was $107.11 million, an increase compared to the same period last year. With the stabilization of raw material prices and new OE partnerships, Kumho Tire said profitability is improving due to efficient product supply expansion.
In the second half of the year, the company said it projects to achieve the highest sales since its establishment through the restructuring of the global distribution network and plans to expand the supply of new tires for new vehicles. Profitability is also expected to improve due to the expansion of global production capacity, including the completion of the expansion of the plant in Vietnam.