Kumho Tire posted sales of $3.3 billion and $429 million in operating profit during 2024 - record highs for the company.
The totals represent 12.1% and 43.2% year-over-year increases, respectively.
During the fourth quarter of 2024, Kumho recorded sales of $886 million, a 17% year-over-year gain.
"Kumho has maintained quarterly sales exceeding $630 million for five consecutive quarters since the fourth quarter of 2023," say Kumho officials.
"Despite challenges posed by the global economic downturn and a sluggish automotive market last year, the company achieved steady growth in both the global original equipment and replacement tire segments. Sales were particularly strong in key markets such as the U.S. and Europe.
"In addition, Kumho Tire improved profitability by prioritizing highly value-added products, diversifying sales networks and optimizing supply chains to ensure a stable revenue stream."
Kumho has set the goal of achieving more than 10% sales growth to $3.8 billion in 2025, "with a strong focus on profitability."
