PRESS ROOM
Kumho Tire Announces Q2 Results 08/18/2023
Jeong Il-Taek, CEO of Kumho Tire, announced the global results for the second quarter of 2023 on August 11th. For the first half of the year, Kumho Tire sold an impressive amount of a total of 1.06 billion USD, with an operating profit of 66.36 million USD.
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 USD (up 22.7% compared to the same period last year); Operating profit was 107.11 million USD, a sharp increase compared to the same period last year, continuing strong performance. Kumho Tire has a positive business environment, such as appointment and stabilization of raw material prices, and representative of new OE partnerships, profitability is improving due to efficient product supply expansion.
In the second half of the year, Kumho Tire is projected 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, such as the completion of the expansion of the plant in Vietnam.
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As one of the world's largest tire manufacturers, we have more than 60 years of history immersed in an innovative approach to product development, market expansion, technical progression, and environmental awareness. We are dedicated to providing optimal service and delivering an exceptional driving experience to our customers around the world. Headquartered in Atlanta, Georgia, Kumho Tire USA is the US sales, marketing, product development, and distribution arm of Kumho Tire Co. Inc.
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