SEOUL, KOREA - Nexen Tire announced on August 6 that its global sales and operating profit reached 433.1 billion won and 48.8 billion won, respectively, for the second quarter of this year. Nexen’s operating profit-to-sales ratio stood at 11.3 percent, up 6.4 percentage points from a year ago.
For the first half of this year, its sales and operating profit amounted to 885.9 billion won and 102.6 billion won, respectively, up 0.2 percent and 9.7 percent year on year.
The sales of original equipment tires rose 39.6 percent year on year, while those of ultra-high functional tires (UHP) increased 4.8 percent from the same period last year, accounting for 38.8 percent of overall sales.
Nexen Tire’s Chinese factory, which marked the seventh anniversary this year, achieved record-high sales and operating profit which registered a positive growth of 18.3 percent and 144.8 percent.
A company official said, “We will make bold investments to enhance our brand awareness. We will also pursue capacity expansion at our Changnyeong plant, while strengthening efforts to promote R&D and marketing.”