Hankook & Co. achieved a 10.7% increase in sales and a 2.2% increase in operating profit, both year-over-year, for the full year of 2021.
"As momentum slowed in the second half with the global economy collectively tackling issues such as the global supply chain disruption, semiconductor shortage and rising raw materials costs, Hankook demonstrated resilience with promising business performance," say Hankook officials.
"Key contributing factors included continued increase in sales of replacement tires, effective regional pricing strategy and strong sales of high-inch tires. Sales of high-inch tires - 18 inches or higher, - increased 3.1% compared to the previous year, accounting for 37.7% among total sales of passenger car tires."
The Seoul, South Korea-based company is targeting double-digit growth in 2022.
"Hankook will intensify its focus on strengthening its business in major markets, expanding OE partnerships with global premium carmakers and gaining leadership in the electric vehicle tire sector."
