During its 2024-25 financial year, which ended 31 March 2025, Apollo Tyres Ltd. achieved consolidated revenue of Rs 261.23 billion (£2.3 billion / €2.73 billion), a year-on-year increase of 2.9 per cent. However, operating and net profit declined during the year. Company Chairman Onkar Kanwar addressed this performance upon announcing these financial results.
Sumitomo Rubber Industries (SRI) reported a decline in performance for the first quarter of 2025, with sales revenue falling by 1.2% year-on-year to ¥287.78 billion (£1.48 billion / €1.75 billion). Business profit dropped 39.0% to ¥14.13 billion (£72.47 million / €86.08 million), while operating profit fell by 40.5% to ¥12.32 billion (£63.22 million / €75.02 million). Most notably, profit attributable to owners of the parent plummeted by 85.7% to ¥3.56 billion (£18.27 million / €21.67 million), primarily due to weaker market conditions and rising costs. Basic profit per share decreased to ¥13.54 (£0.069 / €0.082) from ¥94.45 (£0.485 / €0.575) a year earlier.
At first glance, the Q1 2025 financial results for Hankook Tire & Technology suggest a whopping 133.6% YoY increase in sales, but this enviable result is easily explained. Consolidated results during this quarter include, for the first time, the performance of Hanon Systems, the automotive thermal energy management solutions firm that Hankook Tire acquired in January 2025. As a result, Hankook Tire’s first quarter financial results encompass both its tyre and thermal management business segments.
The Goodyear Tire & Rubber Company has begun 2025 in weak form, reporting a significant drop in both turnover and sales volumes in the first quarter of the year. Groupwide sales fell by 6.3 per cent to US$4.25 billion, while the decline in unit sales was 4.8 per cent, to 38.5 million tyres. The Europe, the Middle East and Africa (EMEA) region fared only slightly better, with respective declines of 5.2, to $1.28 billion, and 2.0 per cent, to 12.3 million tyres.
Ceat Limited has reported strong financial results for the year ended 31 March 2025, achieving record revenue despite margin pressures and global market headwinds. The company also outlined a robust international strategy, bolstered by the upcoming integration of off-highway tyre specialist Camso. Yet in spite of record revenues, net profit was down year-on-year due to a range of factors, including higher raw material costs and limited ability to pass on these increases.
Kumho Tire has announced its preliminary performance for the first quarter of 2025 with consolidated sales of KRW 1.2062 trillion (£633.3 million / €745.1 million) and operating profit of KRW 144.8 billion (£76.0 million / €89.4 million). First – quarter sales grew 15.5 per cent year-on-year, with Kumho calling this the best performance in the company’s history. Driving this sales growth was an expansion of original equipment tyre supply and the combined growth of replacement market tyres, including high-margin products.
Nexen Tire has released its first quarter 2025 financial results, and these show record revenues of KRW 771.2 billion (£400.02 million / €470.43 million) and an operating profit of KRW 40.7 billion (£21.16 million / €24.83 million). This reflects a 13.7 per cent year-on-year increase in revenue, which the tyre maker points out is the company’s highest-ever quarterly performance and a result that exceeds market forecasts.
Admist a “highly volatile environment shaped by geopolitical and macro-economic uncertainties,” the Michelin Group has reported consolidated sales of €6.515 billion for the first quarter of 2025, a 1.9 per cent year-on-year decline driven by lower original equipment volumes. This decline in the OE business across all segments also contributed to overall sales volumes falling by 7.3 per cent year-on-year, but Michelin benefited from a strong 4.8 per cent positive price-mix effect.
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.
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.”
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Stephen Goodchild / Tyre Industry Publications Ltd
