On 30 August 2022, Shanghai Huayi, the parent company of Double Coin Tire Group first half results showing the company generated revenue of 4.968 billion yuan (about £614 million, 719 million euros), and operating costs were 4.559 billion yuan (about £564 million, 660 million euros). Within that, the revenue of all-steel radial tyres and semi-steel radial tyres was 4.6 billion yuan (about £569 million, 666 million euros) and 368 million yuan (roughly £45.51 million, 53.25 million euros).
Prinx Chengshan Holdings Limited and its subsidiaries report selling 9.394 million tyres during the six months to 30 June 2022, a year-on-year increase of 3.3 per cent. From this total, 3.333 million were all-steel radial tyres and 5.919 million semi-steel radials. Cross-ply tyres accounted for some 142,000 pieces.
On 30 August, Triangle Tire published its 2022 semi-annual report, and this shows that the company achieved revenue of RMB 4.277 billion (£535.5 million) and net profit of RMB 217 million (£27.2 million) in the six months to 30 June 2022. Revenue in the second quarter of this period amounted to RMB 2.426 billion (£303.8 million), a 31 per cent increase over the first quarter; Q2 2022 net profit of RMB 159 million (£19.9 million) was 172 per cent higher than in the first quarter of the year.
On 31 August, Guizhou Tyre released its semi-annual report. In the year’s first half, Guizhou Tyre produced 3.7005 million tyres, a year-on-year increase of 3.53 per cent, and sold 3.4447 million tyres, a rise of 1.07 per cent. During the same period, the tyre company’s revenue reached 3.949 billion yuan (about £490 million, 570 million euros), an increase of 13.16 per cent, and achieved a net profit of 160 million yuan (about £19.86 million, 23.12 million euros).
During the three months to 30 June 2022, Apollo Tyres Ltd. respectively recorded 38 per cent and 14 per cent year-on-year increases in its Indian and European operations. Total revenue from operations for this, the first quarter of the tyre maker’s 2022-23 financial year, amounted to Rs 59.42 billion (£614.72 million) and was 26.9 per cent higher than during the previous year’s first quarter.
On a global level, Bridgestone has managed to keep its return on sales at a high level in the first half of the year. And the EMIA region is no exception. While Bridgestone EMIA laid the foundations for the turnaround last year after years with return on sales close to or below zero, the Japanese manufacturer generated a return of 8.9 per cent in the second quarter after 9.6 per cent in the first quarter, resulting in a total of 9.2 per cent for the first half of the year (previous year: 4.9 per cent).
Bridgestone sales revenues shot up 24.9 per cent to 1,886 billion yen (£11.632 billion; 13.764 billion euros) in the first half of 2022. However, Bridgestone’s continuing operations figures also show that operating profit dropped 1.4 per cent to 173 billion yen, resulting in 117 billion yen of profit attributable to owners (down 10.5 per cent compared with the same period in 2022). As a result, Bridgestone revised up its full-year revenue forecasts, but revised down its comparable full-year earnings per share estimates by 10 per cent from 397.58 yen per share to 357.93 yen per share.
After an April to June period punctuated by negative EBIT and a net loss, tyre maker and automotive components supplier Continental says it is “looking ahead to the second half of the year with optimism.” It is also maintaining its full-year outlook despite a current headwind that chief financial officer Katja Dürrfeld describes as being “rather like a hurricane.”
In the first week of August, Taiwanese tyre manufacturers Nankang and Federal successively released operating data for July 2022.
Nankang’s operating revenue in July was NT$660 million (about £18.22 million; 21.58 million euros), down 10.8 per cent from NT$740 million (about £20.42 million; 24.2 million euros) in the same period last year. From January to July, the tyre maker’s operating revenue was about NT$4.72 billion (about £130 million; 115 million euros), down 3.08 per cent year-on-year.
Larger than ever following its acquisition of Cooper Tire in 2021, Goodyear Tire & Rubber reported year-on-year net sales growth of 31 per cent in Q2 2022. Sales amounted to US$5.2 billion in the three months to 30 June 2022, and Goodyear states that even excluding the Cooper transaction, this figure reflects year-on-year growth of over 15 per cent. Other factors driving this increase included improvements in price/mix, higher volume, and increased sales from other tyre-related businesses.
During the second quarter of 2022, Hankook Tire grew its sales by 12.9 per cent year-on-year to KRW 2,039.9 billion (£1.3 billion). Operating profit, squeezed by world events, rising raw material costs and inflation, shrank 6.3 per cent year-on-year to KRW 175.2 billion (£109.9 million). This result nonetheless represented a 39.0 per cent increase compared with the operating profit of KRW 126.0 billion (£79.0 million) achieved in Q1 2022. Hankook attributes this quarter-on-quarter improvement to a growing share of sales attributable to high-value-added products as well as effective pricing strategies.
In a market hit by the systemic impacts of the conflict in Ukraine and the health crisis, the Michelin Group reports that its net income fell by 18.3 per cent despite a year-on-year increase in sales. The tyre maker nevertheless considers this a good result “in an extremely unsettled environment.”
Continental AG has published its preliminary, unaudited key financial figures for Q2 2022, and these show that the company achieved consolidated sales of 9.4 billion euros, with an adjusted EBIT margin of 4.4 per cent.
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.