On October 31, Shandong Linglong Tire released its performance report in the third quarter.
In the first nine months, Linglong Tire reported 11.05 billion yuan of sales revenue, year-on-year increasing 7.06%, and 884 million yuan of net profit belonging to shareholders, yearly rising by 22.79%.
In the third quarter, the company realized 3.803 billion yuan of sales revenue and 360 million yuan of net profit, yearly rising by 25.9%.
In the report period, Linglong Tire's cash flow yearly surged 628.57% to 1.708 billion yuan, which was attributed by its production selling increasing and labor payment reducing.
In the third quarter, Linglong Tire signed an investment framework agreement with the Serbian government covering the Serbian tire plant project.
Linglong expects to start construction work on the plant — the company's first European unit — next April.
The 6-year project will be completed in three phases, and at full capacity the factory will be rated at 13.6 million units a year: 12 million passenger car, 1.6 million truck/bus and 20,000 off-the-road tires.
Full completion of three phases is set for 2025.
