Triangle Q3 net profit up 100%

In its third quarter, Triangle produced 6.2706 million tyres, sold 6.5204 million tyres, and reported revenue of approximately 2.67 billion yuan (about £300 million; €340 million).

In addition, Triangle said that in the third quarter, the sales price of its tyre products increased by 0.2 per cent year-on-year and 1.3 per cent month-on-month. It is worth noting that the costs of two raw materials, synthetic rubber and carbon black, showed a month-on-month increase during the reporting period, and the increase was relatively significant. Among them, the purchase price of synthetic rubber decreased by 10.95 year-on-year and increased by 8.9 per cent month-on-month. Meanwhile, the purchase price of carbon black has fallen by 9.2 per cent year-on-year and increased by 15 per cent month-on-month.

In the first three quarters, Triangle’s revenue reached 7.87 billion yuan (about £890 million; €1.02 billion), and the net profit attributable to shareholders of the listed company reached 1.06 billion yuan (approximately £120 million; €140 million). Compared with the same period last year, the growth in net profit was astonishing, with a year-on-year increase of 124.89 per cent.

Triangle said that in 2023, it seized the market opportunities of “restoration of domestic trade demand” and “strong foreign trade demand”, vigorously promote new patterns, new products, and high-performance products, and “optimise and adjust the product and market structure”. At the same time, the tyre manufacturer said it has fully leveraged the brand effect of “Triangle” and its localised marketing and service advantages in overseas markets.