Sailun expects substantial earnings growth in first half 2024

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.