Nokian Expects Significant Growth to Follow Record Year

Feb. 8, 2022

With a year-over-year sales increase of 30% in 2021, Nokian Tyres plc says it expects to follow those record results with sales that will “grow significantly” again in 2022.

Jukka Moisio, president and CEO, said, “Nokian Tyres’ team did an excellent job in an eventful year of 2021, delivering record high net sales and improved profit combined with strong cash flow and stronger market position in all key areas. This achievement builds a foundation to continue on the same path toward 2 billion euros net sales and improved profit targets”

Moisio says net sales during the fourth quarter grew in all business units and areas. “Segments operating profit improved due to net sales growth, and our fourth quarter cash flow was strong.

“During the second half of 2021, we witnessed sharp increase in raw material and logistics costs. We responded to this with sales price increases. Inflationary pressures are expected to continue in 2022, which will require systematic price increases and careful cost control going forward.”

For the full year, Nokian net sales totaled 1.714 billion euros, up 30% from 1.313 billion euros in 2020. Net profit totaled 206.2 million euros, up from 86 million euros in the prior year.

In the Americas, net sales totaled 228.9 million euros, up 37% from the 166.8 million euros recorded in 2020.

Sales in the Americas represented 13% of Nokian’s overall global sales.

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