Jiatong Tire released results: 2017 revenue increased by 14.36% year-on-year!

S-Guitton is a subsidiary of Giti Tire (China) Investment Co., Ltd. and holds a 51% stake in Fujian Jiatong Tire Co., Ltd.

Jiatong Tire

In 2017, the company achieved operating income of 3.458 billion yuan, a year-on-year increase of 14.36%, the highest in the past three years. Among them, the sales revenue of the tire business was 3.424 billion yuan, and the gross profit rate was 12.49%. In 2017, the company took into consideration both the domestic and foreign markets, but placed more emphasis on foreign markets. The operating income of these two markets was 1.687 billion yuan and 1.737 billion yuan respectively. During the same period, the profits of Giti Tire had declined year-on-year. Its net profit attributable to shareholders of listed companies was 61.11 million yuan. Starting from the quarterly situation, Jiatong Tire had a good operating condition in the first quarter of 2017, but suffered a loss in the second quarter with a loss of approximately RMB 10.21 million. Subsequently, in the third and fourth quarters, the company’s operating conditions gradually improved. The company said that in the first half of 2017, the major raw materials needed for the production of tire products will increase substantially.

Although Giti Tire has gradually increased the sales price of some tire products, there is a certain lag in the increase in the selling price of products, and the improvement rate is not as great as the increase in raw material prices. The increase in operating costs is higher than the increase in operating income. It is worth noting that the amount of accounts receivable of Jiatong Tire at the end of 2017 was relatively large, reaching 1.080 billion yuan, an increase of 54.83% compared with 697 million yuan at the beginning of 2017. The tire manufacturer explained that sales growth, corporate market structure adjustments and other reasons have led to this result.

In addition, due to rising raw material prices and sales growth, the company’s working capital needs have increased significantly. This led to a substantial increase in loans and short-term trade financing for Jiatong Tire during the reporting period. According to the data, in 2017, Jiatong Tire produced 16.6122 million tires and 16.6399 million tires, which was an increase over the previous year.

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