Sailun Group Releases 2022 Half-Year Financial Report
August 23rd Sailun Group released its 2022 H1 financial report disclosed double digit growth in operating income and profit with operating income exceeding 10 billion CNY in H1 for the first time in the company’s history.
In the first half of this year, Sailun Group achieved operating income of 10.493 billion CNY, a record high, and a year-on-year increase of 21.28%; net profit attributable to the listed company’s shareholders was 715 million CNY, a 1.6% increase YoY; net cash flow from operating activities was 457 million CNY, a 42.15% increase YoY. At the end of June 2022, the net assets attributable to the listed company’s shareholders were 11.222 billion CNY, an increase of 4.58% from the beginning of 2022; total assets were 30.05 billion CNY, an increase of 14.81% from the beginning of 2022.
Sailun Group saw strong growth momentum in the second quarter of 2022 where operating income reached 5.63 billion CNY, a 25.03% increase YoY and a 15.77% increase from the first quarter; the net profit attributable to the listed company’s shareholders was 393 million CNY, a 29.53% increase YoY, and a 22.12% from the first quarter; the net cash flow from operating activities was 404 million CNY, a 521.05% increase YoY, an increase of 658.88% from the first quarter.
In addition to continuing to promote the third phase expansion of Vietnam and Cambodia's 9 million PCR tire 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 tire project", and plans to build in Dongjiakou, Qingdao. The Dongjiakou project is planned to have an annual capacity of 20 million PCR tires, 10 million TBR tires, 150,000 tons of Specialty tires, 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 tires 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 tire products for domestic China, focusing on safety, comfort, energy savings, durability, and high-end performance which are being sold on the Tmall platform.