Sailun more than doubles half year earnings beating earlier estimate

Shanghai, China – Sailun Group Co. has more than doubled first half earnings, beating the group's earlier estimate of 85% year-on-year growth in July.

For the first six months of the year, earnings grew 106% Yuan2.15 billion (€267 million) compared to the first half of 2023, the Chinese tire group reported.

Revenue for the period was up 30% year-on-year at Yuan15 billion, according to Sailun's stock exchange filing issued 22 Aug.

Tire production volumes increased up by nearly 38% compared to 2023 to 35.4 million while number of units sold rose 37.5% year-on-year to 34.5 units.

Gross profit margin reached 28.77% for the six-month period, an increase of 4.79% year-on-year.

During the reporting period, Sailun said it “actively promoted” its ongoing overseas projects in Cambodia, Mexico and Indonesia.

In July, Sailun forecast 'substantial earnings development' in the first half of 2024, helped by 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,” the group stated at the time.