15 Jul 2024
Chinese tire maker links higher profits to “globalisation strategy, technological innovation, brand-building...”
Shanghai, China – Sailun Group Co. has reported that its net profit for the first half, excluding non-recurring items, was set to reach between Yuan2.03 billion and Yuan2.09 billion (€256 - €264 million).
The estimate represented a year-on-year increase in earnings of between 79% and 84%, according to the tire maker's 10 July stock exchange filing.
Sailun linked the higher profits to its “globalisation strategy, technological innovation, and brand-building efforts.”
“Production and sales of all-steel, semi-steel, and off-road tires have reached the best levels in the same period in history,” it added.
Sailun noted that sales volumes both domestically and internationally increased by more than 30% year-on-year, with higher-margin products seeing “even greater increases.”
“Therefore, net profit for the first half of this year is expected to see a significant increase compared to the same period last year,” the Chinese group added.
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