Backed By China, Tire Giants Have Seen Revenue Growth
On August 7th, Sumitomo Rubber Japan disclosed its financial statements for the first half of 2023.
During the reporting period, the company's sales revenue was 3.92 billion US dollars, a year-on-year increase of 9.6%; The net profit was $57 million, a year-on-year decrease of 52.3%.
The sales revenue of its tire business was 3.3 billion US dollars (approximately RMB 23.8 billion), a year-on-year increase of 9.3%.
Sumitomo Rubber stated that sales in both the original and replacement markets improved in the second quarter of this year.
From the performance of different regions, its sales growth in the Asia Pacific market is significant.
The recovery of market demand in China after the epidemic is the main reason for the growth.
At the same time, demand in North America and South America is also at a high level. However, in the Southeast Asian and European markets, the company's sales have declined.
Sumitomo Rubber predicts that its sales for the entire year of 2023 will be $8.2 billion (approximately RMB 59.16 billion), an increase of 0.9% year-on-year.
The net profit is expected to be $160 million (approximately RMB 1.154 billion), a year-on-year increase of 9.5%.
Sumitomo Rubber plans to supply smart tires to more than 30 partners by 2030.
