NATIONAL Tyre Services (NTS) Limited says the good rainfall received this season has resulted in high demand for agricultural-related tyres, growing the firm’s sales volume by 99 percent in the third quarter ended 31 December 2020 compared to the same period in 2019.
In a trading update for the period under review, NTS said its sales performance improved despite the adverse shocks of the Covid-19 pandemic.
“The company’s volume performance improved despite these challenges. Good rainfall resulted in high demand for agricultural related tyres.
“Overall, volumes for period October to December 2020 increased by 99 percent compared to the same period last year, despite Covid-19 challenges faced,” said the company.
It also attributed the growth to effective marketing initiatives and availability of stock.
“The volume of new tyres sold in third quarter 2020-2021 increased by 213 percent compared to same period last year as the company continues to implement robust marketing strategies to promote sales complemented by good stock availability,” said NTS.
On the outlook, the firm said Covid-19 pandemic effects are expected to subside as infections continue to come down due to the rollout of vaccines.
“Key areas to watch, to ensure the continued viability of the business, will be cost control, an uninterrupted supply chain and avoidance of loss of capital against inflationary pressures.
“It is hoped that the foreign currency auction platform will grow further to cater for the industry’s needs.