The tyre manufacturer experienced a 12.1% increase in sales and a 43.2% rise in operating profit compared to 2023
Kumho Tire reported sales of $3.3 billion and an operating profit of KRW 588.6 billion (approx. $429 million). This marks a 12.1% increase in sales and a 43.2% rise in operating profit. These results represent the highest figures in the company’s history.
2025 Sales Target and Focus on Profitability
Kumho Tire targets 10% sales growth, aiming for $3.8 billion in 2025. The company focuses on improving profitability.
Kumho Tire Quarterly Performance and Growth
Kumho recorded sales of $886 million and operating profit of $108 million in Q4 2024. This marked a 17% year-on-year growth. The company maintained quarterly sales over $630 million for five consecutive quarters starting in Q4 2023.
Economic Challenges
Despite the global economic downturn and sluggish automotive market in 2024, Kumho Tire achieved steady growth. The company had strong sales in the OE and RE tyre segments, especially in the U.S. and Europe.
Improved Kumho Tire Sales through Strategic Initiatives
Kumho Tire improved profitability by prioritising highly value-added products. The company diversified its sales networks and optimized supply chains to maintain stable revenue.
The company reported these earnings on the heels of announcing its relocation from downtown Atlanta to Summit Perimeter Campus in Sandy Springs, GA. The Kumho Tire U.S.A. relocation increases office space to 14,000 sq. ft., adding modern workspaces, conference rooms, and employee well-being areas. The new U.S. headquarters will officially open on March 31.
