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BKT profit rises 22% in 2021-22

Although impacted by the rising cost of raw materials and logistics, off-highway tyre specialist BKT delivered a healthy profit in the financial year ending 31 March 2022. Profit after tax rose 22 per cent year-on-year to Rs 14.11 billion (£148.58 million) on the back of income that rose 47 per cent to Rs 84.19 billion (£886.52 million) and sales volumes that increased 27 per cent to 288,795 tonnes. EBITDA was, at Rs 21.82 billion (£229.76 million), up 21 per cent, with the margin contracting 5.6 percentage points to 25.9 per cent.

16th May 2022/by Stephen

Apollo Tyres FY 2021-22 financial results

Apollo Tyres reports revenue of Rs 209.48 billion (£2.22 billion) for the financial year ending 31 March 2021, 20 per cent higher than during the prior fiscal year. EBITDA declined 8.0 per cent year-on-year to Rs 25.74 billion (£272.59 million), with the EBITDA margin contracting 379 Bps to 12.3 per cent. Net profit stands at Rs 6.39 billion (£67.67 million).

13th May 2022/1 Comment/by Stephen

Yokohama Rubber: Record sales, lower profit in Q1 2022

Although the sales revenue of 185.6 billion yen (£1.2 billion) earned by the Yokohama Rubber Co., Ltd. in Q1 2022 was the highest figure it ever achieved in the January-to-March quarter and a 28.4 per cent improvement on the result attained a year earlier, the company nonetheless had little cause for celebration by the time rising costs and other complications were factored in. Profit attributable to owners of parent declined 63.5 per cent year-on-year in the first quarter of 2022 to 10.2 billion yen (£64.9 million). Operating profit was, at 13.7 billion yen (£87.1 million), down 62.7 per cent.

13th May 2022/1 Comment/by Stephen

Continental: Lower income despite strong tyre business in Q1 2022

Announcing its financial results for the first quarter of 2022, tyre maker and automotive technology firm Continental states that it “performed well” during the period despite “an increasingly turbulent market environment.” It describes its Q1 2022 tyre business as “strong.”

11th May 2022/by Stephen

MRF: Profits halved thanks to unprecedented material cost rises

Company News, International News

Indian tyre maker MRF Limited has reported a standalone income of Rs 193.04 billion (£2.03 billion) for the financial year ending 31 March 2022, a 19.7 per cent increase on the previous year’s result. Exports were slightly up, being valued at Rs 17.79 billion (£186.80 million), compared with Rs 13.33 billion for the prior financial year. Standalone net profit, however, dropped 48.2 per cent year-on-year to Rs 6.47 billion (£67.94 million).

10th May 2022/by Stephen

Prinx Chengshan: Profit down 24.7% despite higher revenue in 2021

The difficulties that tyre makers are facing at present were reflected in Prinx Chengshan Holdings Limited’s financial results for 2021. Although company revenue increased 20 per cent year-on-year, a “significant increase in raw material prices and ocean freight rates” dragged gross profit down by approximately 24.7 per cent.

4th April 2022/by Stephen

A “good result” – Continental returns to the black in 2021

Although chief executive officer Nikolai Setzer believes the past financial year was “a very trying one” for Continental and a period presenting “many challenges,” the tyre maker and automotive solutions company nonetheless managed to achieve a positive net income in 2021 after two consecutive years of losses.

9th March 2022/by Stephen

Yokohama Rubber posts ‘record-high’ results

The Yokohama Rubber Co., Ltd. reports “record-high” sales revenue and profit during the 2021 fiscal year. Sales revenue increased 21.7% over the previous year; operating profit rose 132.4% & profit attributable to owners of parent was up 148.9%.

17th February 2022/by Stephen

Bridgestone: 2021 operating profit up 90%

Reporting its results for the 2021 financial year, Bridgestone Corporation confirms that its “global tyre sales grew substantially, especially in the premium segment.” Revenue in the 12 months to 31 December 2021 amounted to 3246.2 billion yen (£20.8 billion), a 20 per cent increase compared with 2020. Adjusted operating profit rose 90 per cent to 394.3 billion yen (£2.5 billion) with a 12.1 per cent margin, while profit attributable to owners of parent came to 394.0 billion yen.

15th February 2022/by Stephen

Nokian Tyres: Record sales & improved margins in 2021

Nokian Tyres posted all-time record sales in the past financial year. The Finnish manufacturer reports that its sales rose by 29.7 per cent (comparable currencies) to 1.71 billion euros. Operating profit also improved considerably, rising 123.5 per cent to 268.2 million euros. This resulted in an operating margin of 15.6 per cent, up 6.5 percentage points on the 2020 result. The tyre maker’s Board of Directors has proposed a dividend of 1.32 euros per share, to be paid in two instalments.

14th February 2022/by Stephen

Hankook Tire 2021 results

Tyre maker Hankook has released its results for the 2021 financial year. The company achieved global sales of KRW 7.142 trillion (£4.4 billion), 10.7 per cent higher than in 2020, and a year-on-year increase in operating profit of 2.2 per cent to KRW 641 billion (£395.1 million). Momentum slowed in the second half of the year as the global economy collectively tackled issues such as global supply chain disruption, semiconductor shortage and rising raw materials costs.

8th February 2022/by Stephen

Ceat introducing European truck tyre range

Company News, International News, Product News

Indian manufacturer Ceat Limited intends to launch a range of truck radial tyres in Europe during the first half of this year. Speaking during an earnings call yesterday, managing director Anant Goenka said the range would arrive in “four to six months’ time” and further push the strong growth the company is already experiencing in the region. The line-up would be similarly positioned to the “Korean players” in the market, he added.

21st January 2022/by Stephen

Yokohama Rubber announces record earnings

Talk at Yokohama Rubber is of record earnings for the first nine months of a fiscal year. The company reports that between the start of January and the end of September 2021, profit attributable to owners of parent increased approximately tenfold year-on-year, to 43.5 billion yen (£284.9 million). Operating profit was up sevenfold, to 59.3 billion yen (£388.4 million) and business profit rose approximately fourfold, to 37.1 billion yen (£243.0 million). Sales revenue was up 22.3 per cent, to 460.5 billion yen (£3.0 billion).

12th November 2021/by Stephen

SRI: Lower full-year forecast despite profit bounceback

Although Sumitomo Rubber Industries’ (SRI) sales revenues and particularly profit for the first nine months of 2021 were healthily above those achieved a year earlier, the Japanese firm has downwardly revised its sales and profit forecast for full-year 2021.

11th November 2021/by Stephen

Bridgestone: Higher sales, earnings in Jan-Sept 2021

Bridgestone Corporation reports revenues of 833.0 billion yen (£5.4 billion) in Q3 2021, a 12 per cent increase on the third quarter result a year earlier. Adjusted operating profit is up 54 per cent, to 101.7 billion yen (£644.4 million), with the margin increasing 3.3 percentage points, to 12.2 per cent. Profit attributable to owners of parent amounted to 70.5 billion yen (£460.6 million).

11th November 2021/by Stephen