Earnings Preview: Tire company parent's profit up over 561%

17 January 2022 | Source from China Rubber Web

On January 13, Shanghai Huayi Group Co., Ltd. released an announcement of 2021 annual earnings forecast.

It is expected that the net profit attributable to shareholders of the listed company for the year 2021 will increase by 2.377 billion to 2.777 billion yuan, or 561% to 656%; the net profit excluding non-recurring gains and losses will increase by 2.443 billion to 2.843 billion yuan, or 4297% to 5001%.

Huayi Group said that the main reason for the surge in profit is the better downstream demand for chemical products and the year-on-year price increase of major products. In addition, the company has been optimizing lean production and implementing measures to reduce costs and increase efficiency in recent years, so that the production units continue to run steadily and the control level and operational efficiency are continuously improved.

As the parent company of Double Coin Tire, Huayi Group is a large state-controlled listed company with five core businesses: energy chemicals, advanced materials, green tires, fine chemicals and chemical services. China Rubber magazine learned that in the first three quarters of 2021, its tire business had sales of 6.632 billion yuan, tire production of 10.896.5 million and sales of 10.797.1 million.


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