Sailun Jinyu 2016 net profit up 87.5% on yr

Sailun Jinyu Group Co., Ltd. released on Mar. 31 the financial results for 2016.

Last year, the company’s business revenue totaled 11.13 billion yuan, up 13.96% year on year; and the net profit attributable to shareholders was 362 million yuan, up 87.50%.

According to the company, the growth in business revenue was contributed by sales increase in the Vietnam plant. It transferred the U.S. orders for semi-steel tires, which used to be produced in the Chinese market, to the Vietnam plant steadily, and the sales of semi-steel tires increased considerably. At the same time, the company exploits overseas markets, which boosted the output and sales of all-steel tires.

In 2016, the tire output of Sailun Jinyu reached 31.15 million, up 20.48% over 2015; and the sales volume amounted to 30.77 million, up 21.01%.

Last year, the company’s tire capacity increased 4 million, including 2 million semi-steel tires in Dongying plant and 2 million semi-steel tires in Vietnam plant.

In addition, Silun Jinyu invested 262 million yuan in R&D last year, accounting for 2.35% of its business revenue.