Linglong Tire expects up to 80% growth in earnings

Shanghai, China - Shandong Linglong Tire Co. expects to post a strong increase in earnings for the first nine months of the year, helped by higher volumes and sales.

The Chinese tire group anticipates profits for the first three quarters to come in between Yuan 1.65 billion and Yuan 1.75 billion (€213 - €226 million), representing a growth of 72% to 82% year-on-year.

In a 9 Oct stock exchange filing, Linglong attributed the growth to ‘actively upgrading’ its products and restructuring its retail operations in 2024.

Meanwhile, the company’s second overseas base in Serbia has helped increase production capacity, supporting sales in overseas markets.

According to Linglong, volumes during the first three quarters of the year grew 11% compared to 2023, with sales volumes for passenger car tires having a higher growth rate.

Additionally, the company received “an anti-dumping duty refund” in the third quarter, which it said increased revenue.

Cost-reduction and efficiency programmes also resulted in “a significant increase in profitability,” Linglong added.