Nokian Annual Results Show Increased Sales & Profits

Nokian Tyres reports that its net sales increased 22.6 per cent during 2007 to 1.025 billion euros. During this period the company recorded an operating profit of 234 million euros, a 52.8 per cent rise on that of the previous year. During the year earnings per share also increased 55.7 per cent from 0.88 euros to 1.37 euros, and profit for the period was 168.9 million euros, up 57.4 per cent from 107.3 million euros a year earlier.

Fourth quarter 2007 results were slightly muted compared with those for the total year. While net sales of 356.4 million euros reflected a 54.4 per cent jump on Q4 2006 sales of 302 million euros, operating profit was 93.2 million euros, an increase of 38.1 per cent, and quarterly profits of 61.4 million euros were only 27.9 per cent up on last year’s 48 million euros.

The company’s board of directors proposes that a dividend of 0.50 euros per share be distributed. Last year’s dividend was 0.31 euros. Nokian states that in 2008 the company is positioned to achieve strong growth in sales with improved profits in line with previous years.