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Prometeon launches Pirelli-branded Serie 02 truck tyre range

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Prometeon

In early May, Prometeon Tyre Group launched its Pirelli-branded Serie 02 truck tyre range in Venice, Italy. More than 200 customers from 10 countries were invited to learn about the launch of the Serie 02, which has been on sale in the EMEA region since April. General manager Roberto Righi, chief technical officer Alexandre Bregantim, head of marketing Sabina Oriani and region Europe CEO Francesco Antonacci were all on-hand to explain about Prometeon’s latest products and strategies.

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BKT profit rises 22% in 2021-22

Although impacted by the rising cost of raw materials and logistics, off-highway tyre specialist BKT delivered a healthy profit in the financial year ending 31 March 2022. Profit after tax rose 22 per cent year-on-year to Rs 14.11 billion (£148.58 million) on the back of income that rose 47 per cent to Rs 84.19 billion (£886.52 million) and sales volumes that increased 27 per cent to 288,795 tonnes. EBITDA was, at Rs 21.82 billion (£229.76 million), up 21 per cent, with the margin contracting 5.6 percentage points to 25.9 per cent.

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  1. BKT sponsoring Australian cricket league
  2. BKT preparing for 51-inch giant tyre production at $500 million plant
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Apollo Tyres FY 2021-22 financial results

Apollo Tyres reports revenue of Rs 209.48 billion (£2.22 billion) for the financial year ending 31 March 2021, 20 per cent higher than during the prior fiscal year. EBITDA declined 8.0 per cent year-on-year to Rs 25.74 billion (£272.59 million), with the EBITDA margin contracting 379 Bps to 12.3 per cent. Net profit stands at Rs 6.39 billion (£67.67 million).

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  1. Apollo Tyres maintains turnover, increases profits
  2. Apollo Tyres looking for ‘healthy topline growth’ after 22% sales increase in FY 2017-18
  3. Apollo Tyres: Stable sales in Europe, but profits further in the red
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Yokohama Rubber: Record sales, lower profit in Q1 2022

Although the sales revenue of 185.6 billion yen (£1.2 billion) earned by the Yokohama Rubber Co., Ltd. in Q1 2022 was the highest figure it ever achieved in the January-to-March quarter and a 28.4 per cent improvement on the result attained a year earlier, the company nonetheless had little cause for celebration by the time rising costs and other complications were factored in. Profit attributable to owners of parent declined 63.5 per cent year-on-year in the first quarter of 2022 to 10.2 billion yen (£64.9 million). Operating profit was, at 13.7 billion yen (£87.1 million), down 62.7 per cent.

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  1. Sales, profit up at Yokohama Rubber in Q2 2018
  2. Yokohama Rubber – Q3 2018 profit affected by asset impairment charge
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Continental: Lower income despite strong tyre business in Q1 2022

Announcing its financial results for the first quarter of 2022, tyre maker and automotive technology firm Continental states that it “performed well” during the period despite “an increasingly turbulent market environment.” It describes its Q1 2022 tyre business as “strong.”

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  1. A “good result” – Continental returns to the black in 2021
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MRF: Profits halved thanks to unprecedented material cost rises

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Indian tyre maker MRF Limited has reported a standalone income of Rs 193.04 billion (£2.03 billion) for the financial year ending 31 March 2022, a 19.7 per cent increase on the previous year’s result. Exports were slightly up, being valued at Rs 17.79 billion (£186.80 million), compared with Rs 13.33 billion for the prior financial year. Standalone net profit, however, dropped 48.2 per cent year-on-year to Rs 6.47 billion (£67.94 million).

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Michelin: Q1 sales up 19% to 6.5 billion euros

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Michelin; Jefferies

Michelin Group has reported that its first quarter 2022 sales amounted to 6.5 billion euros, a 19 per cent increase on the first quarter of 2021. According to the company, price increases and strengthening replacement demand helped it offset headwinds including operation disruptions and inflationary pressures exacerbated by the conflict in Ukraine plus the resurgence of Covid-19 in China.

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Continental revises 2022 outlook, publishes preliminary Q1 results

Due to several factors, Continental is adjusting its outlook for fiscal 2022. The company expects global production of passenger cars and light commercial vehicles to increase by between four and six per cent year-on-year in 2022, a lower rate than the six to nine per cent growth that the prior outlook (published 9 March 2022) was based on. Negative effects from cost inflation for key inputs, especially for oil-based raw materials as well as for energy and logistics for the Tires and ContiTech businesses, are also becoming significantly more material.

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Prinx Chengshan: Profit down 24.7% despite higher revenue in 2021

The difficulties that tyre makers are facing at present were reflected in Prinx Chengshan Holdings Limited’s financial results for 2021. Although company revenue increased 20 per cent year-on-year, a “significant increase in raw material prices and ocean freight rates” dragged gross profit down by approximately 24.7 per cent.

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A “good result” – Continental returns to the black in 2021

Although chief executive officer Nikolai Setzer believes the past financial year was “a very trying one” for Continental and a period presenting “many challenges,” the tyre maker and automotive solutions company nonetheless managed to achieve a positive net income in 2021 after two consecutive years of losses.

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Yokohama Rubber posts ‘record-high’ results

The Yokohama Rubber Co., Ltd. reports “record-high” sales revenue and profit during the 2021 fiscal year. Sales revenue increased 21.7% over the previous year; operating profit rose 132.4% & profit attributable to owners of parent was up 148.9%.

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Back in line with 2019 levels: Michelin publishes full-year 2021 results

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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.

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Bridgestone: 2021 operating profit up 90%

Reporting its results for the 2021 financial year, Bridgestone Corporation confirms that its “global tyre sales grew substantially, especially in the premium segment.” Revenue in the 12 months to 31 December 2021 amounted to 3246.2 billion yen (£20.8 billion), a 20 per cent increase compared with 2020. Adjusted operating profit rose 90 per cent to 394.3 billion yen (£2.5 billion) with a 12.1 per cent margin, while profit attributable to owners of parent came to 394.0 billion yen.

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Nokian Tyres: Record sales & improved margins in 2021

Nokian Tyres posted all-time record sales in the past financial year. The Finnish manufacturer reports that its sales rose by 29.7 per cent (comparable currencies) to 1.71 billion euros. Operating profit also improved considerably, rising 123.5 per cent to 268.2 million euros. This resulted in an operating margin of 15.6 per cent, up 6.5 percentage points on the 2020 result. The tyre maker’s Board of Directors has proposed a dividend of 1.32 euros per share, to be paid in two instalments.

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Goodyear reports 42% net sales increase in 2021, EMEA back in black

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Goodyear

The Goodyear Tire & Rubber Company has reported full-year 2021 net sales of $17.5 billion, a 42 per cent increase on 2020. According to Goodyear, this was primarily due to “the Cooper Tire merger, higher volume, improvements in price/mix and increased sales from other tyre-related businesses.”

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