‘Significant increase’ in Prinx Chengshan sales

Prinx Chengshan announced its operating conditions in the first half of 2023. The tyre company said that its net profit in the first half of the year was between 285 million yuan (about £31 million; €36 million) and 333 million yuan (about £36 million; €42 million), an increase of about 80-110 per cent over the same period in 2022.

Prinx Chengshan disclosed that the “domestic economic recovery” and “overseas market demand increase” have led to a significant recovery in demand for the tyre industry. During this period, the tyre manufacturer adjusted its product and business structure and achieved a substantial increase in product sales. In the first half of 2023, Prinx Chengshan sold 11.5 million tyres, a rise of 22.8% from 9.4 million in 2022.

In addition, the price of raw materials declined from January to June, which increased the gross profit rate of Prinx Chengshan.

Prinx Chengshan is expected to announce its 2023 interim results before the end of August.