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Tuesday, September 27, 2022
HomeBusinessNTS Bank On Premium Tyre Market As Q1 Volumes Surge

NTS Bank On Premium Tyre Market As Q1 Volumes Surge

National Tyre Services (NTS) recorded growth in premium new tyres and retreading volumes during the first quarter to June 2022, premised on availability of market driven products.

Previously the company had encountered challenges in stocking adequate tryes due to foreign currency challenges and global supply chain disruptions since the start of the pandemic.

The company intends to shift focus to premium trye market which provides higher yields to buffer from the ravaging effects of inflation which negatively impacted business operations, as disposable incomes were eroded.

In its Q1 trading update, the company said sales volumes for premium tyres grew by 36 percent during the period under review when compared to comparable period prior year.

“National Tyre Services is implementing effective strategies to serve the premium tyre market segment” said NTS.

Retreading volumes also increased by 6 percent when compared to the same period last year, as the Company continues to offer value added services to support retreading customers.

However, overall new tyre sales volumes for the first quarter declined by 26% compared to Q1 prior year.

“This was due to foreign currency inadequacies affecting importation of tyres from China and India,” the company saids.

Services volumes for the period decreased by 18 percent compared to same period last year, as power outages affected branch operations during the period under review.

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