Guizhou Tyre reports increased production and sales

On 31 August, Guizhou Tyre released its semi-annual report. In the year’s first half, Guizhou Tyre produced 3.7005 million tyres, a year-on-year increase of 3.53 per cent, and sold 3.4447 million tyres, a rise of 1.07 per cent. During the same period, the tyre company’s revenue reached 3.949 billion yuan (about £490 million, 570 million euros), an increase of 13.16 per cent, and achieved a net profit of 160 million yuan (about £19.86 million, 23.12 million euros).

In the first half of the year, Guizhou Tyre relied on the domestic market, and domestic business accounted for 64.81 per cent of its total revenue. Notably, the tyre maker’s overseas markets have grown significantly. In the first half of 2022, 35.19 per cent of Guizhou Tyre’s business came from overseas markets. However, this proportion was only 20.17 per cent a year ago. In terms of amount, the revenue of overseas markets from January to June 2022 was 1.39 billion yuan (about £173 million, 201 million euros), nearly double the 704 million yuan (about £87.39 million, 101.7 million euros) in the same period last year. According to the semi-annual report, 30 per cent of Guizhou Tyre’s products are exported to the international market.

In addition, according to Guizhou Tyre, the Vietnam project, with an annual output of 1.2 million all-steel radial tyres is 85.79 per cent complete. Guizhou Tyre said that the Vietnam project had reached the design capacity at the end of the reporting period. In the first half of 2022, the Vietnam project produced 306,200 tyres, sold 249,200 tyres, achieved sales revenue of 211 million yuan (about £26.19 million, 30.49 million euros), and realised a net profit of 14.2387 million yuan (about £1.77 million, 2.06 million euros).