Turkish tyre maker Brisa reports having “reinforced its pioneering position in the market” in 2024 despite challenging conditions. The Sabancı Holding and Bridgestone Corporation subsidiary attributes its growth in international markets under the Lassa brand to operational efficiency, strategic investments, and innovative products and services.
Pirelli & C. Spa has announced its preliminary, unaudited financial results for the year ending 31 December 2024, alongside the approval of its 2025 budget during a recent Board of Directors meeting. The company not only exceeded its 2024 financial targets, but also set new benchmarks in terms of sustainability and set new goals for 2025.
Upon announcing its consolidated financial results for the fiscal year ended 31 December 2024, the Yokohama Rubber Co., Ltd. speaks of “record sales and earnings.” Sales revenue increased 11.1% YoY, reaching ¥1.09 trillion (£5.69 billion). Furthermore, Yokohama Rubber achieved notable gains in profitability during the year; profit attributable to owners of the parent company rose by 11.4%, to ¥75 billion (£391 million).
Although reporting another year of lower sales in the European market, Toyo Tire Corporation (Toyo Tires) achieved record figures overall in 2024. The Japanese firm recorded net sales of 565.4 billion yen (£2.94 billion), a 2.3% YoY increase. Operating income surged 22.2% to 94.0 billion yen (£492.0 million), while profit attributable to owners of parent was, at 74.8 billion yen (£389.7 million), up 3.5% YoY.
Bridgestone Corporation has reported consolidated financial results for the fiscal year 2024, showing moderate revenue growth but declines in operating and net profit compared to the previous year. Revenue amounted to ¥4.43 trillion (£23.1 billion), representing a 2.7 per cent year-on-year increase. However, operating profit declined 8.0 per cent due to restructuring costs and lower unit sales in certain markets, dropping to ¥443.3 billion (£2.3 billion).
After recording a net loss of US$687 million in 2023, The Goodyear Tire & Rubber Company returned to profit last year. The tyre maker sees this result as vindication that the Goodyear Forward Transformation Plan is delivering on promises.
Although Sumitomo Rubber Industries (SRI) achieved a 2.9 per cent increase in sales revenue and business profit for the fiscal year ending 31 December 2024, operating profit and profit attributable to owners of the parent company dropped significantly year-on-year. The Japanese company nevertheless anticipates an increase of both sales and profit in 2025.
In 2024, Michelin sold 5.1 per cent fewer tyres than it did the year before. Reporting its 2024 annual results yesterday, the French firm reports that an “unprecedented simultaneous decline in original equipment demand across every segment” drove this volume decrease, which contributed towards sales being 4.1 per cent lower year-on-year, at 27.193 billion euros. Finding a silver lining, Michelin points out the “highly positive” 1.9 per cent mix effect, which reflects “the Group’s value-driven approach.”
On 6 February, Kumho announced its 2024 performance forecast, with full-year revenue of 453.81 billion won (about ¥22.8 billion; £2.5 billion; €3 billion), a year-on-year increase of 12 per cent; and profit of 433.9 billion won (about ¥2.17 billion; £240 million; €290 million), a year-on-year increase of 91 per cent.
Apollo Tyres Ltd has announced its unaudited financial results for the third quarter (October to December) and nine first months of the 2024-25 financial year, reporting consolidated revenue of Rs 69.28 billion (£635.30 million), an increase of 5.1 per cent over the same period last fiscal. Both the tyre maker’s Indian and European operations delivered mid-single-digit revenue growth during the quarter. Operating profit declined 21.6 per cent compared with the prior year, to Rs 9.47 billion (£86.84 million), while net profit was, at Rs 3.37 billion (£30.90 million), 32.2 per cent lower.
MRF Limited has reported a 13.76 per cent year-on-year increase in its consolidated total income for the quarter ended 31 December 2024, the third quarter of its current financial year. Income reached Rs 70.99 billion (£650.29 million), compared to Rs 62.40 in the same quarter of the previous financial year.
Hankook Tire & Technology (Hankook) has announced its financial results for 2024, reporting global consolidated sales of KRW 9.4119 trillion (£5.1765 billion) and an operating profit of KRW 1.7622 trillion (£969.2 million). This represents a 5.3 per cent increase in sales and a 32.7 per cent rise in operating profit compared to the previous year.
Nokian Tyres plc has released its financial results for 2024, reporting a year-on-year increase in net sales despite challenges such as geopolitical instability and supply chain disruptions. The company continued to execute its growth strategy, supported by investments in manufacturing technologies, sustainability initiatives, and capacity expansion.
At the end of November 2024, Transense Technologies plc, which makes sensing solutions and measurement systems, announced that, in the first four months of the financial year ending 30 June 2025, overall revenues shot up 48 per cent compared with corresponding period last year. The contribution to revenue from Bridgestone iTrack increased by 23 per cent, and revenues from the combined ongoing trading operations of Translogik and SAWsense more than doubled. Gross margins were consistent with the prior year at more than 85 per cent of revenue.
Halfords Group has reported first-half 2025 sales of £864.8 million, down 1.0 per cent compared with the same period in 2024. For its part, Halfords Autocentres reported sales of £348.7 million, down 2.3 per cent compared with £356.9 million in the first half of 2024. Meanwhile, the large-scale tyre retailer also shared details of its plans for the transition of some its acquired retail businesses into Fusion centres.
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Stephen Goodchild / Tyre Industry Publications Ltd
