Plagued by smuggling, the tyre industry now expects a steep growth in sales, officials of The General Tyre and Rubber Company of Pakistan said at a corporate briefing on Wednesday. Taurus Securities Mustajab Ali Kazmi pointed out that the management of the company intended to improve sales in the tyre replacement segment and had introduced new designs. The replacement tyre segment accounted for 62% of the company’s topline while the rest came from the original equipment manufacturers (OEM), he stated in the report. In the second quarter of 2020-21, the tyre company reported a profit of Rs278 million (EPS Rs2.3), up 21 times year-on-year. Sales revenue reached Rs6.45 billion, up 41% year-on-year mainly on account of increased volumes in the replacement market and better OEM sales with support from increased auto financing.

Source: The Express Tribune March 25, 2021 03:22 UTC