Giti Tire Group turnover slightly up, income stable in 2012

Last year the Giti Tire Group increased its revenue by 2.1 per cent while its net income remained virtually at 2011 levels. The company told our sister publication Neue Reifenzeitung that revenue increased year-on-year to 3.02 billion euros; in 2011 the total revenue for Giti Tire and PT Gajah Tunggal, with their factories in China and Indonesia, was 2.96 billion euros. Operating profit jumped 42.9 per cent to 258.53 million euros, a figure that represents an 8.6 per cent yield on turnover. Net income decreased 0.3 per cent year-year to 113.17 million euros.

According to Tyres & Accessories’ figures, the Giti Tire Group is thus the tenth largest tyre maker in the world. Admittedly, neither Chang Shin Rubber (Maxxis) nor Hangzhou Zhongce (Westlake) have published their 2012 results yet and depending on the two companies’ performance, the Giti Tire Group may descend to twelfth place; the two tyre makers’ respective 2011 turnover figures place them at around 100 and 300 million euros beneath the Giti Tire Group’s 2012 result.