BYD boasts 162.27% year-on-year hike in 2020 net profit

Shanghai (Gasgoo)- BYD Company Limited (BYD) saw its annual revenue jump 22.59% year on year to roughly 156.598 billion yuan ($23.867 billion) in 2020, according to the financial results the company released on March 29.

During the reporting period, BYD's net profit attributable to shareholders amounted to 4.234 billion yuan ($645.349 million), rocketing 162.27% compared to 2019. The company said the growth should be credited to the improvement in overall operational efficiency and the rise in gross margin of new products.

Excluding the impact of certain non-recurring gains and losses, the net profit remarkably soared 1,181.5% year on year.

In addition, the basic earnings per share stood at 1.47 yuan for the year of 2020 and the net cash flowing from operating activities was 45.393 billion ($6.918 billion).

BYD Han; photo credit: BYD

The full-year revenue and operating profit of BYD's automobiles and other auto-related products reached 83.993 billion yuan ($12.802 billion) and 21.164 billion yuan ($3.226 billion), rising 32.76% and 27.13% from a year earlier respectively.

The board of directors also declared a dividend of 1.48 yuan per 10 shares on the basis of 2,861,142,855 shares.

In 2020, BYD output 431,954 new vehicles, which dropped 5.08% year over year, while saw its auto sales fell 3.62% to 394,608 units. The sales decrease was entirely due to the 12.52% decline in the new energy vehicle sales (162,893 units). Despite the overall sales drop, the sales of traditional fuel-burning vehicles still climbed 3.81% over a year ago to 231,715 units.

For the first quarter of 2021, BYD's net profit attributable to shareholders is forecasted to reach 200 million yuan ($30.482 million) to 300 million yuan ($45.723 million), zooming up 77.56% to 166.34% from the prior-year period.