Although the tyre replacement market declined in all sectors, National Tyre Services still managed to improve its sales by 577 percent largely because of the growth in the Bandag retreading operation.
Sales for the year ended December increased from $5.8 billion in 2002 to $39.4 billion last year.
Operating profit was up 761 percent from $1.5 billion to $12.5 billion while net profit increased by 742 percent from $991 million to $8.3 billion.
The company invested $488million in plant and equipment including a new compressor, buffer and tyre machinery.
The company says it is going to rationalise its hot cure facilities and will review its property portfolio.