Sailun Group has achieved a double digit growth in operating income and profit.
Sailun Group Operating Income Exceeding CNY10 Billion in H1
Sailun Group released its 2022 H1 financial report disclosed double digit growth in operating income and profit with operating income exceeding CNY10 billion in H1 for the first time in the company’s history.
In the first half of this year, Sailun Group achieved operating income of CNY10.493 billion, a record high, and a year-on-year increase of 21.28 per cent; net profit attributable to the listed company’s shareholders was CNY715 million , a 1.6 per cent increase YoY; net cash flow from operating activities was CNY457 million, a 42.15 per cent increase YoY. At the end of June 2022, the net assets attributable to the listed company’s shareholders were CNY11.222 billion, an increase of 4.58 per cent from the beginning of 2022; total assets were CNY30.05 billion, an increase of 14.81 per cent from the beginning of 2022.
Sailun Group saw strong growth momentum in the second quarter of 2022 where operating income reached CNY5.63 billion, a 25.03 per cent increase YoY and a 15.77 per cent increase from the first quarter; the net profit attributable to the listed company’s shareholders was CNY393 million, a 29.53 per cent increase YoY, and a 22.12 per cent from the first quarter; the net cash flow from operating activities was CNY404 million, a 521.05 per cent increase YoY, an increase of 658.88 per cent from the first quarter.
In addition to continuing to promote the third phase expansion of Vietnam and Cambodia’s 9 million PCR tyre annual production project in the first half of 2022, Sailun Group will also invest in the Cambodia factory’s “1.65 million annual capacity TBR tyre project”, and plans to build in Dongjiakou, Qingdao. The Dongjiakou project is planned to have an annual capacity of 20 million PCR tyres, 10 million TBR tyres, 150,000 tons of Specialty tyres, and a new functional materials factory with an annual output of 500,000 tons (200,000 tons in the first phase).
In May, a variety of PCR and TBR products independently developed by Sailun Group using EcoPoint3 compound were unveiled at the Tire Cologne in Cologne, Germany. Many EcoPoint3 tyres passed the professional testing of international third-party testing institutions such as TÜV SÜD, and obtained the TÜV MARK certification, which has attracted great attention from overseas customers and many industry media. In June, the group launched a number of EcoPoint3 PCR tyre products for domestic China, focusing on safety, comfort, energy savings, durability, and high-end performance which are being sold on the Tmall platform.