In an earnings filing on April 29, the company said first-quarter operating profit rose 33.1% from a year earlier to 54.2 billion won.
Revenue increased 8.7% to 838.3 billion won, the highest quarterly figure on record, it said. Net profit was estimated at 61.9 billion won, up 55.3% from a year earlier.
Nexen Tire said solid sales in major markets including Europe and the U.S. lifted both revenue and operating profit. It said the sales mix shifted further toward higher-value products, including premium original equipment tires and tires for SUVs and electric vehicles. Tires of 18 inches and larger accounted for 40% of revenue, it said. The company also cited management efficiency efforts as improving overall profitability.
During the first quarter, Nexen Tire launched its high-performance N'Fera Sport and all-weather N'Blue 4Season 2 in the domestic market after rolling them out in Europe and the U.S., targeting premium demand.
In Latin America and the Asia-Pacific region, it introduced the N'Blue S, a high-efficiency summer tire, and said it is working with local distributors to strengthen retail competitiveness. It said it is seeing strong growth in key strategic markets such as Australia and Japan as it seeks to diversify its global sales structure.
With external uncertainty expected to persist in the second quarter, Nexen Tire said it plans to continue efforts to strengthen its mid- to long-term growth foundation.
"Despite an uncertain business environment, we delivered solid results," a company official said. "We will respond flexibly to market changes while continuing to strengthen product competitiveness and operational efficiency to sustain sound growth."
* This article has been translated by AI.
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