NTS powers through third quarter with steady growth

Source: The Herald – Breaking news.

NTS powers through third quarter with steady growth 
As NTS looks ahead to the future, the company remains optimistic about the regulatory landscape

Business Reporter

Amidst a backdrop of cheap imitations and imports, National Tyre Services (NTS) demonstrated resilience and agility, achieving commendable growth in the third quarter of 2023.

Despite these obstacles, NTS remained undeterred in its pursuit of excellence and customer satisfaction.

One of the key highlights of NTS’ performance during the third quarter was the remarkable growth in new tyre sales volumes.

From April 2023 to December 2023, NTS recorded a stellar 15 percent increase in new tyre sales volumes compared to the prior year.

This surge in sales was further amplified in the third quarter of 2023, with new tyre sales volumes skyrocketing by an impressive 19 percent compared to the same period in 2022.

The surge in sales was attributed to NTS’s strategic marketing initiatives aimed at enhancing brand visibility and capturing market share.

In addition to the robust growth in new tyre sales, NTS also witnessed a commendable 11 percent increase in tyre services sales units during the period under review, compared to the third quarter of 2022.

This growth was driven by the rising demand for tyre services, fuelled by the increased volume of new tyres sold by NTS.

However, amidst the success story, there were minor setbacks.

Retreading volumes in the third quarter of 2023 experienced a slight dip of 2 percent compared to the same period last year, primarily due to production disruptions caused by electricity challenges.

Nonetheless, NTS remained steadfast in its commitment to overcoming obstacles and delivering superior products and services to its customers.

Looking at the bigger picture, NTS’s overall volume performance for the year up to December 2023 exhibited a remarkable improvement of 20 percent compared to the previous year.

This significant growth was largely supported by market-driven procurement of tyres, underscoring NTS’s ability to adapt to evolving market dynamics and capitalise on emerging opportunities.

As NTS looks ahead to the future, the company remains optimistic about the regulatory landscape, particularly with the introduction of new tax regulations by the government aimed at enforcing compliance and fostering a level playing field in the market.

Additionally, NTS is focused on driving full business recovery through strategic business remodelling initiatives and the continued implementation of cost-cutting measures introduced during the year.

The challenges faced by NTS were multifaceted. The volatility of foreign exchange rates cast a shadow over price competitiveness in the market, while erratic electricity generation towards the end of the year adversely impacted turnaround time in NTS’s retreading factories.

Despite facing formidable challenges, NTS emerged from the third quarter of 2023 with a strong performance, characterized by robust sales growth and unwavering resilience.

With a clear vision for the future and a commitment to excellence, NTS is poised to navigate the complexities of the market and continue its trajectory of success in the quarters to come.

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