Nokian Tyres: Record sales & improved margins in 2021

Nokian Tyres posted all-time record sales in the past financial year. The Finnish manufacturer reports that its sales rose by 29.7 per cent (comparable currencies) to 1.71 billion euros. Operating profit also improved considerably, rising 123.5 per cent to 268.2 million euros. This resulted in an operating margin of 15.6 per cent, up 6.5 percentage points on the 2020 result. The tyre maker’s Board of Directors has proposed a dividend of 1.32 euros per share, to be paid in two instalments.

“Nokian Tyres’ team did an excellent job in an eventful year of 2021, delivering record high net sales and improved profit combined with strong cash flow and stronger market position in all key areas,” comments Jukka Moisio, president and chief executive officer of Nokian Tyres. “This achievement builds a foundation to continue on the same path toward 2 billion euro net sales and improved profit targets. I want to thank everyone at Nokian Tyres for making 2021 such a successful year.”

Guidance for 2022

In 2022, Nokian Tyres expects its net sales with comparable currencies to grow significantly, and it also anticipates growth in segments operating profit. While global demand for cars and tyres should increase this year, the COVID-19 pandemic continues to cause uncertainties, including cost inflation and availability challenges, in the whole automotive value chain. In addition, the current geopolitical situation is causing uncertainties in 2022, despite the tyre maker having contingency plans in place for its production facility in Russia.