Record H1 2023 sales for Yokohama Rubber, but lower Tires profit

Yokohama Rubber reports another record half-year, with sales in H1 2023 rising by 13.2 per cent to 443.2 billion yen (£2.4 billion, US$3.1 billion). The new Yokohama TWS division, created through the acquisition of the Trelleborg Wheel Systems business on 2 May, contributed greatly to this by delivering sales of 30.5 billion yen (£166.1 million, $211.3 million) in the final two of the six reporting months. At the same time, the Yokohama Off-Highway Tires division lost 12.0 billion yen (£65.5 million, $83.4 million) in sales.

Even though Yokohama Rubber is undoubtedly happy about this sales record, which it would have achieved even without Yokohama TWS, earnings did not develop in the same direction. While the group was able to report a return on sales of 5.8 per cent and that of the Off-Highway Tires division was as high as 12.9 per cent, Yokohama TWS ended the six months slightly in the red and had to accept a return on sales of -3.3 per cent.