Triangle’s third-quarter report shows its net profit from July to September fell sharply. In the third quarter of 2024, Triangle’s revenue was 2.61 billion yuan (about £290 million; €340 million), a year-on-year decline of 2.49 per cent; the tyre manufacturer’s net profit attributable to shareholders of listed companies was 270 million yuan (about £30 million; €35 million), a decline of 39.59 per cent.
In response to investors’ questions, Linglong reports its Serbian plant was profitable in the third quarter of 2024 “with a high overall production and sales rate and gradually improving profitability”. In the third quarter, the tyre manufacturer held a grand celebration ceremony to indicate that its Serbian plant had achieved mass production.
In a stock exchange submission dated 11 October 2024, Sailun Group Co., Ltd. shares its estimation that net profit attributable to shareholders of the listed company for the first three quarters of 2024 will range between RMB 32.10 billion and RMB 32.80 billion (£3.47 billion and £3.55 billion), a year-on-year increase of 58.52 per cent to 61.98 per cent compared with the same period of last year.
Sentury expects its profit in the first half of 2024 to be between 1 billion and 1.2 billion yuan. Sentury’s net profit increase is fantastic compared to last year’s period. The company’s net profit from January to June 2023 was 606 million yuan. Even if calculated at 1 billion yuan, Sentury’s net profit increased by nearly 65 per cent yearly. If calculated at 1.2 billion yuan, Sentury’s net profit almost doubled.
Linglong expects that in the first half of 2024, after deducting non-recurring gains and losses, the net profit attributable to shareholders of the listed company will be 840 million to 990 million yuan. This figure has significantly increased compared with 499 million yuan in 2023.
In 2023, Chinese tyre manufacturer Triangle’s achieved revenue of 10.42 billion yuan (about £1.13 billion; €1.33 billion) and net profit of about 1.4 billion yuan (about £150 million; €180 million). Revenue of 10.42 billion yuan means that Triangle has surpassed Double Coin in the ranking of Chinese tyre manufacturers in 2023 and comes in behind ZC Rubber, Sailun and Linglong.
After years of strong and often tyre-driven profit growth, Halfords Group plc has warned investors that “further material weakening” in “cycling, retail motoring and consumer tyres” will result in “a significant drop in like-for-like revenue growth”. As a result, that specifically means £13 million less “underlying profit before tax (PBT)”, than previously stated or PBT “in the range of £35-40 million”.
A number of Chinese tyre manufacturers have stated that their net profits significantly increased year-on-year in 2023. Doublestar is one of the few tyre companies that was still losing money. Jiangsu General turned losses into profits. In terms of net profit alone, Sailun’s 3.1 billion yuan suggest the company gradually widened the gap between itself and Linglong. Currently, ZC Rubber has not officially disclosed its operating data for 2023. Therefore, it is not yet possible to judge who is in the leading position in terms of net profit between Sailun and ZC Rubber.
On 15 January, Linglong disclosed its estimated net profit for 2023. The tyre manufacturer reported net profit in 2023 of between 1.35 billion yuan (approximately £148 million; €173 million) and 1.61 billion yuan (about £176 million; €206 million), a year-on-year increase of 362 per cent to 451 per cent.
At the end of January, three Chinese tyre companies released their 2022 performance forecasts, which show that Aeolus and Linglong are in profit, but reveal huge losses at Doublestar.
While announcing its latest financial results, Pirelli has shared details of the steps it has taken to mitigate the impact of the “Russia-Ukraine crisis”. Writing on 23 February, executives explained that Pirelli has conducted an initial analysis of the situation and steps required.
Compagnie Générale des Établissements Michelin (the Michelin Group) delivered segment operating income of 2,966 million euros and a margin of 12.5 per cent, which was “back in line with 2019”, according to the company. Specifically, Sales rose by 16.3 per cent to 23,795 million euros and segment operating income stood at 2,966 million euros.
Toyo Tire Corporation achieved second-quarter 2021 net sales of 186,392 million yen (£1.217 billion; 1.438 billion euros; US$1.687 billion), an increase of 23.8 per cent compared with the same period in 2020. Compared with low levels last year, Toyo’s profitability also increased. Operating income amounted to 26,958 million yen, up 240.0 per cent.
Italian brake manufacturer Brembo has reported increased fourth quarter sales and pre-tax profits despite the corona-related loss in annual turnover the firm also reported. Fourth quarter 2020 revenues amounted to 649.7 million euros, up 4.5 per cent compared to the same period of the previous year. Pre-tax profits were (EBITDA) were 121.6 million euros (EBITDA margin: 18.7%). As result, the company’s net debt position improved by 121.0 million euros compared to 30 September 2020.
Continental’s nine-month 2020 figures show the tyre and automotive supplier “did remarkably well operationally in the third quarter” despite the “still very volatile market environment”, according to outgoing CEO Dr Elmar Degenhart.
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Halfords
Austin Diste; Unsplash
Pirelli
Tokumeigakarinoaoshima - CC
Continental AG