National Tyre Services to remodel business

Business Writer

NATIONAL Tyre Services (NTS) says it is focused on full business recovery premised on remodelling the business and continued implementation of a raft of cost-cutting measures.

NTS is a Zimbabwe-based company, in retailing and rethreading of tyres, wheel alignment, wheel balancing and related services.

In a trading update for the third quarter (Q3) to December 2023,  the firm said despite challenges in the operating environment, it recorded 15 percent growth in new tyres sales volumes from April 2023 to December 2023 over the prior year.

New tyre sales volumes grew by 19 percent in Q3 2023 when compared to Q3 2022 as the Company embarked on various marketing initiatives to improve sales, it said.

 Tyre services sales in units increased by 11 percent during the period under review when compared to Q3 of 2022.

New tyre performance totalled 10 528 in Q3 compared to 8 847 in the prior year.

 Growth in tyre services was premised on the increased volume of new tyres.

 Rethreading volumes in Q3 2023 slightly dropped by two percent (3 030) when compared to the same period last year (3 081) due to production disruptions caused by electricity challenges.

Overall volume performance improved significantly by 20 percent compared to the prior year, mainly supported by market-driven procurement of tyres.

 

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