Sentury achieves rapid growth in 2023

2023 was a year of rapid growth for Sentury. The tyre manufacturer’s annual report showed that its revenue and net profit reached 7.84 billion yuan (about £860 million; €1 billion) and 1.37 billion yuan (about £150 million; €170 million), both have achieved a growth of more than 20 per cent compared with 2022.

Sentury produced 29.2368 million tyres in 2023, an increase of about 6.6 million compared with 2022. The tyre maker said the rise in production was due to the start-up of tyres in the second phase of the Thailand plant. During the same period, the company sold 29.2598 million tyres, which was also an increase of 32.98 per cent compared to 2022.

Continuing the experience in 2022, Sentury’s rapid growth last year relied on its strong marketing capabilities in overseas markets. Of its total revenue, 86.87 per cent comes from
“export and overseas revenue”. This proportion was 87.85 per cent in 2022, which is almost the same as 2023 data.

It is worth noting that Sentury was the plaintiff in court in 2023 against the OEM for “accounts receivable claims”. The amount involved was as high as 61.3479 million yuan (approximately £6.7 million; €7.8 million). The tyre manufacturer said the relevant case has been heard, and Sentury is the winning party. The company plans to “make full provision for bad debts” and have “no significant impact on production and operations”.