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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.
华 – Prinx Chengshan launches flagship line for China
Prinx Chengshan has unveiled a new flagship passenger car tyre range in the company’s home market. Called “华” (Hua), the Chengshan tyre is crammed with innovations that the manufacturer claims elevate it to the standards of international first-line brands. In addition to offering high durability, wear resistance and mileage potential, as well as low rolling resistance, Prinx Chengshan points out aesthetic highlights – Hua is the first domestic tyre line in China to feature velvet textured sidewalls.
Prinx Chengshan appoints Costache European sales director
Adrian Costache is the new sales director for the Austone, Fortune and Chengshan tyre brands in Europe. He began in this role on 1 February and reports directly to Thomas Wohlgemuth, managing director of Prinx Chengshan Tire Europe. As sales director, Costache is responsible for complete price management as well as European sales for both passenger car and commercial products.
Prinx Chengshan expecting 50% drop in net profit
Prinx Chengshan Holdings Limited and its subsidiaries have issued a profit warning to shareholders and potential investors. The company’s Board of Directors informs that although they anticipate group revenues for 2021 increasing by approximately 20 per cent year-on-year (2020 revenue: 6.28 billion yuan), they project that net profit will decline by approximately 50 per cent year-on-year, to an expected 260 million to 330 million yuan (£30.8 million to £39.1 million).
Prinx Chengshan acknowledged for energy efficiency
When the China Petroleum and Chemical Industry Federation announced its list of most energy efficient companies within the petrochemical industry (for 2020) in October, it recognised tyre maker Prinx Chengshan as a leading ‘Energy Efficiency Benchmark Company’ for the sixth year in a row. Prinx Chengshan attributes these half-dozen consecutive accolades to its focus on sustainability in recent years, including energy and materials conservation as well as efforts to promote a circular economy.
NUFAM launch for European Austone, Fortune ranges
With some 22,000 people visiting this year’s NUFAM commercial vehicle trade fair in Germany between 30 September and 3 October, attendance numbers were around 85 per cent of those at the last pre-Covid show in 2019. These visitors met with numerous tyre industry exhibitors, including Prinx Chengshan Tire Europe GmbH, which was there to launch its commercial vehicle tyre portfolio for Europe.
European debut for Prinx Chengshan’s Austone commercial tyre range
Prinx Chengshan Tire Europe is launching its commercial vehicle tyre programme throughout Europe at the NUFAM 2021 commercial vehicle show, which will take place in Karlsruhe, Germany between 29 September and 3 October. The company will present a range of tyres for trucks, buses and trailers that covers regional transport, long-haul transport and construction site applications under the Austone brand name, as well as Fortune van tyres.
Prinx Chengshan opens European warehouse
With the opening of its new central warehouse last month, Prinx Chengshan can now supply its wholesale customers in all parts of Europe with locally-held stocks. The new Prinx Chengshan Tire Europe GmbH facility is situated in the south of Germany, and initially it will exclusively stock Fortune passenger car tyres.
Prinx Chengshan resumes European testing
After commencing tests of its tyres in Europe last year, Prinx Chengshan returns in 2021 to continue its testing programme. The Chinese tyre maker is utilising a number of sites, including Applus IDIADA in Spain and a facility in Ivalo, Finland, in order to test its winter, all-season and UHP summer tyres.
Steven Buytaert to oversee Prinx Chengshan’s European TBR debut
Prinx Chengshan Tire Europe GmbH is expanding its range to include truck and bus tyres in the second half of 2021, and the tyre maker is supporting their introduction by a new appointment within its European team. As of 1 March 2021, Steven Buytaert is sales manager TBR Europe, and his remit includes overseeing the Europe-wide introduction of PRINX Chengshan truck and bus tyres as well as the associated development and expansion of these ranges.
Prinx Chengshan appoints marketing & communications manager for Europe
Prinx Chengshan relocated its European operations to Germany in 2019, and the Darmstadt-based Prinx Chengshan Tire Europe GmbH team has now been reinforced by the arrival of Sybille Schümann-Huth as senior marketing & communications manager. She reports directly to managing director Thomas Wohlgemuth.
Prinx truck tyres being distributed in the USA by TBC
TBC Brands, a North American tyre distributor, has introduced a range of Prinx Tires-branded medium radial truck tyres to the US market.
Prinx Chengshan: Increased profits despite corona
Prinx ChengshanIn spite of COVID-19, Prinx Chengshan managed to increase its net profit in the first half of 2020, a feat aided in part by a prompt response to the pandemic. Sales revenue for Prinx Chengshan (Cayman) Holding Limited and its subsidiaries in the six months to 30 June 2020 came to RMB 2,844.0 million (£317.2 million), 1.0 per cent less than in the same period of 2019. Gross profit rose 9.9 per cent year-on-year to RMB 606.3 million (£66.7 million) and net profit increased 1.6 per cent to RMB 265.3 million (£29.2 million).
Prinx Chengshan develops label-topping tyre
Prinx ChengshanMany international manufacturers view a good EU tyre label result as a benchmark of product performance. At the end of 2018, Prinx Chengshan’s research and development centre in China began work on its ‘AA1’ project, with the aim of developing a product achieving the best label category for wet grip, rolling resistance and noise. The tyre maker reports that it’s achieved its goal.
