Cheng Shin’s revenue in 2023 decreased 2.08%

Cheng Shin Rubber has not yet disclosed its 2023 annual report, but it announced its 2023 revenue on the Taiwan Securities Exchange. Compared with the previous year, Cheng Shin Rubber’s yearly revenue decreased by 2.08 per cent.

Specifically, Cheng Shin Rubber’s revenue in 2023 was approximately NT$96.3 billion (about £2.44 billion; €2.84 billion), a decrease of NT$2.05 billion (about £52m; €60.5m) compared with 2022.

Cheng Shin Rubber did not disclose the specific reasons for its annual revenue decline. Previously, the tyre manufacturer revealed during a briefing that revenue in the first three quarters fell by 2.9 per cent year-on-year, and operating net profit increased by 3 per cent. At that time, Cheng Shin Rubber attributed the decline in revenue to a reduction in the “quantity effect”.