JAC Group announces 34.52% year-on-year jump in 2020 net profit

Shanghai (Gasgoo)- JAC Group's financial results show that the company gained 142.613 million yuan ($21.736 million) in annual net profit attributable to shareholders for the year of 2020, jumping 34.52% year on year. However, after deduction of non-recurring profit and loss, the company still faced a net loss of 1.719 billion yuan ($261.727 million).

Photo credit: JAC Group

The company reported 1.862 billion yuan ($283.442 million) in the full-year non-recurring gains and losses, including 1.26 billion yuan ($191.786 million yuan) for the disposal of non-liquid assets and 1.303 billion yuan ($198.39 million) in the governmental subsidies.

The revenue reached 42.831 billion yuan ($6.522 billion) in 2020, dropping 9.42% from a year earlier, according to the financial results. The decrease was attributable to the enforcement of the new revenue standards starting from Jan. 1, 2021, which make it clear that the revenue from the businesses of contract manufacture and sale of NIO's vehicles should be confirmed through the net method.

JAC Group works on producing and selling passenger vehicles (PVs), commercial vehicles (CVs) and relevant core components like special-purposed chassis, gearboxes, engines and axles. It currently has such PV brands as Sihao, Refine and JAC. CV products include light-duty trucks, heavy-duty trucks, multi-functional CVs, buses and coaches.

The automakers produced 299,189 and sold 297,787 CVs throughout 2020, jumping 15.81% and 15.03% year on year. The annual PV outputs and sales stood at 156,936 and 155,574 units, sliding 3.48% and 4.19% from the previous year respectively.

JAC Group plans to sell 500,000 units of complete vehicles and chassis this year, achieving 10.29% growth compared to 2020. In addition, it expects its 2021 revenue to rise 18.4% year over year to roughly 50.8 billion yuan ($7.735 billion).