Fengyuan tires turned losses into profit in 2018

- May 08, 2019-

On April 25th, Shandong Fengyuan Tire Manufacturing Co., Ltd. disclosed its operating results for 2018. The “Youth Army” of this industry had an operating income growth of 20.70% during the reporting period, and it turned around and turned losses into profits.

According to the annual report, Fengyuan Tire's operating income in 2018 was 1.205 billion yuan, a 20% increase from the previous year's 998 million yuan, and the net profit of the company was 2.381 million yuan. In 2017, the company's annual loss was 49.465 million yuan. .

Fengyuan Tire said that in 2018, it increased its marketing efforts and the sales situation was excellent. Together with the refined management of the company, the purchase price of raw materials was reduced, and the gross profit margin and net profit level of the year were improved.

"China Rubber" learned that Fengyuan tires sold 71.173 million tires in 2018, an increase of 709,900 (10.98%) compared with the previous year. The gross profit margin of products was 11.91%, an increase of 4.91 percentage points.

The company's domestic and foreign sales revenues were 381 million yuan and 823 million yuan respectively, accounting for 31.7% and 68.3% of the business respectively. The proportion of domestic and foreign sales business was basically the same as that in 2017.

Fengyuan Tire said to China Rubber that in 2019, the company will still adhere to its brand strategy and innovation strategy, and build a national brand that is well-known throughout the country, and enhance its brand value and social credibility.

In 2019, the company plans to achieve sales and sales of tires, sales revenue increased by more than 3.73% year-on-year, and based on the stability of this year's operating results, to achieve the continuous growth of various profit items, and strive to achieve early "safety tire leadership brand" and "national tire high-end brand "Vision.