Triangle Tire publishes H1 2022 results

On 30 August, Triangle Tire published its 2022 semi-annual report, and this shows that the company achieved revenue of RMB 4.277 billion (£535.5 million) and net profit of RMB 217 million (£27.2 million) in the six months to 30 June 2022. Revenue in the second quarter of this period amounted to RMB 2.426 billion (£303.8 million), a 31 per cent increase over the first quarter; Q2 2022 net profit of RMB 159 million (£19.9 million) was 172 per cent higher than in the first quarter of the year.

Production and sales were stable during H1 2022, reports Triangle Tire. Production increased 22 per cent quarter-on-quarter in the final three months of this period, while sales rose 21 per cent quarter-on-quarter. Export sales in Q2 2022 were up 19 per cent year-on-year and 38 per cent compared with the Q1 2022.

Looking ahead to the second half of 2022, Triangle Tire expects that conditions in China and the implementation of measures to promote consumption there will bring about a gradual improvement in the vehicle and tyre market during the remainder of the year.