Toyo Tire outperforms first-half 2022 forecasts

Toyo Tire Corporation achieved a 20 per cent year-on-year increase in net sales in the first half of 2022, with the total rising to 223,667 million yen (£1.373 billion; 1.626 billion euros). At the same time, operating income came in at 25,972 million yen (£160 million; 189 million euros) in the first half of 2022. Both figures outperformed the companies first-half 2022 forecasts.

These figures combined with some other corporate factors saw the company announce that it is raising its forecasts for the second half of 2022:

“Given the ongoing yen’s depreciation in the exchange market and the company’s plan to sell part of its cross-shareholdings…[means]…the company now expects profit attributable to the owners…for the fiscal year ending December 2022 to be higher than its earlier forecast announced on 12 May 2022.”

Toyo now predicts it will achieve net sales of 500,000 million yen in 2022, up from the previous forecast of 485,000 million yen as well as the 2021 result of 393,647 million yen.

The company also confirmed that its new Serbia tyre production plant is now shipping tyres to the USA and Europe.