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Sailun Group anticipating 133% profit growth for 2023

Driven by recovery within the domestic tyre market and the declining impact of destocking measures internationally in the second half of the year, Sailun Group expects to achieve a net profit of RMB 3.1 billion (£341.1 million) for 2023. This figure represents a year-on-year increase of some 132.77 per cent. Improving capacity utilisation rate pushed production and sales volumes within the company’s consumer, commercial and specialty tyre segments to “record highs,” with the gross profit margin of these products “substantially” increasing year-on-year.

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Related news:

  1. Sailun: Record operating income in H1 2022
  2. Sailun Group net profit rises 62% in H1 2023
  3. Nokian Tyres increases sales, profits
  4. Prinx Chengshan: Increased sales, lower profit in H1 2022
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Hankook Tire: 2023 “best ever” financial result

With sales of KRW 8,939.6 billion (£5.3 billion) and an operating profit of KRW 1,327.9 billion (£783.5 million), in 2023 Hankook Tire & Technology achieved the “best performance since its establishment.” Sales were up 6.5 per cent year-on-year, while operating profit increased 88.1 per cent. According to Hankook Tire, these results “solidify” the company’s position as a “prominent, top-tier global brand.”

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Related news:

  1. Hankook Tire: Record sales in 2022
  2. Hankook Tire boosts Q2 2023 revenue & operating profit
  3. Hankook Tire doubles operating profit, halves capex
  4. Earnings decrease, but larger tyre sizes grow in importance for Hankook Tire
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Nexen Tire reports increased revenue, income for 2023

Stephen Goodchild / Tyre Industry Publications Ltd

Nexen Tire returned to the black in 2023 with a net income of KRW 110.6 billion (£67.0 million). This result contrasts with the net loss of KRW 27.5 billion recorded a year earlier. Revenue for 2023 amounted to KRW 2,701.1 billion (£1.6 billion), a year-on-year increase of 4.0 per cent. EBITDA rose 173.3 per cent year-on-year, to KRW 388.7 billion (£235.6 million), with a margin of 14.4 per cent.

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Related news:

  1. Nexen Tire: Sales up 4.2% in Q2 2017, material costs hit profit
  2. CDP Group discusses counter-trend strategies in Italian wholesale market
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Bridgestone Q3 2023 financial results

Stephen Goodchild / Tyre Industry Publications Ltd

Bridgestone Corporation announced its financial results for the third quarter of 2023 earlier today, reporting year-to-date consolidated revenue of 3,198.1 billion yen (£17.26 billion, US$21.17 billion), a seven per cent year-on-year increase. Operating profit rose six per cent year-on-year in the first nine months of 2023, to 362.3 million yen (£1.76 billion, $2.16 billion). The operating profit margin declined 20bps, to 11.3 per cent.

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Continental lifts Tires EBIT margin for 2023

Continental has published its financial results for the three months to 30 September with the comment that Q3 2023 concluded “in line with expectations.” For the Tires group sector, the expectation was thus lower sales but an improved earnings position.

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  1. Continental: Lower income despite strong tyre business in Q1 2022
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Apollo Tyres lifts revenues despite “challenging” Europe

The Board of Directors at Apollo Tyres has approved the company’s unaudited financial results for July to September 2023 (Q2 2023-24). These show revenue of Rs 62.80 billion (£612.78 million) in revenue in the quarter ending 30 September, a 5.4 per cent year-on-year increase. Apollo Tyres shares that revenue growth was especially positive in its Indian Operations business.

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Hankook Tire doubles operating profit, halves capex

Hankook Tire & Technology reports consolidated sales of KRW 2,340.0 billion (£1.4 billion) and an operating profit of KRW 396.3 billion (£243.9 million) for Q3 2023. These results respectively represent year-on-year increases of 1.8% and 106%.

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Fewer tyres, more money – Michelin publishes financial results

Despite a “complex market environment” the Michelin Group achieved “solid sales” in the past nine months, as chief executive officer Florent Menegaux emphasised yesterday when presenting the company’s latest financial information. According this Q3 2023 report, Michelin increased its sales by 2.0% to €21.15 billion in the first nine months of this year. This growth was driven by rising sales in the company’s Automotive and Specialty Businesses segments, which respectively increased 3.6% and 5.4% year-on-year. Sales within Michelin’s truck tyre business, its Road Transportation segment, were 4.3% lower.

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  1. Michelin reports reduced sales, income for 2020
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Ceat lifts profits in Q2 FY23-24

Ceat Limited has reported consolidated revenue of Rs 30.53 billion (£301.1 million, US$366.8 million) for the three months ending on 30 September 2023, the second quarter of its 2023-24 financial year. This result reflects a 5.5% year-on-year rise in revenue. The Q2 FY23-24 EBITDA margin was 15.1%, up 202 bps on the prior quarter and 808 bps year-on-year. Net profit amounted to Rs 2.08 billion (£20.5 million, $25.0 million), an amount 44.2% higher than the prior quarter and an eye-watering 3125.5% increase year-on-year.

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Sailun Group net profit rises 62% in H1 2023

Sailun Group reports having produced 14.16 million tyres and selling 13.57 million tyres in Q2 2023. During the first half of this year, the company produced 25.68 million tyres, a year-on-year increase of 12.3 per cent. H1 2023 tyre sales amounted to 25.11 million pieces, up 12.3 per cent year-on-year.

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  1. Sailun: Record operating income in H1 2022
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Enviro Q2 2023 financials; negotiations with further suppliers & customers

Scandinavian Enviro Systems has reported an after-tax loss for Q2 2023 that is some seven times larger than its net revenue, but the company remains confident of its future following a directed share issue in May and as a definitive investment decision regarding its planned joint venture plant in Uddevalla, Sweden draws nearer. Enviro’s H1 2023 Half-Year Report also includes a statement from its CEO about delays to the start of construction work at the Uddevalla facility.

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Apollo Tyres lifts net profit 124%

The Board of Directors at Apollo Tyres Ltd. reports a 124 per cent increase in net profit during the three months to 30 June 2023, the first quarter of the company’s 2023-24 fiscal year. Chairman Onkar Kanwar credits the efforts of Apollo’s European business towards this result.

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  1. Apollo Tyres FY 2021-22 financial results
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Record H1 2023 sales for Yokohama Rubber, but lower Tires profit

Yokohama Rubber reports another record half-year, with sales in H1 2023 rising by 13.2% to 443.2 billion yen (£2.4 billion). The new Yokohama TWS division, created through the acquisition of the Trelleborg Wheel Systems business on 2 May, contributed greatly to this by delivering sales of 30.5 billion yen (£166.1 million) in the final two of the six reporting months. At the same time, the YOHT division lost 12.0 billion yen (£65.5 million) in sales.

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  1. Sales, profit up at Yokohama Rubber in Q2 2018
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Bridgestone profit up in H1 2023 despite weakness in Europe

Bridgestone Corporation improved its sales and profit in the second quarter, contributing to H1 2023 revenue of 2.10 trillion yen (£11.52 billion), up 11.4% year-on-year. Operating profit increased 15.3% in the first half of the year, to 238.30 billion yen (£1.31 billion), even without the EMIA region contributing to this overall positive development. Profit margin increased 0.3 points in H1 2023, to 11.3%.

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  1. Bridgestone FY2020: First net loss in 7 decades
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  4. Bridgestone: Sales, operating income up in 2015, net income declines 5.4%
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SRI profit down in H1 2023

Sumitomo Rubber Industries, Ltd achieved lower profit in H1 2023 despite increasing sales and operating profit. The company has nonetheless upwardly revised its full-year profit forecast from 21,000 million yen to 23,000 million yen (£127.1 million, US$162.2 million).

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