Geely Auto sees H1 2021 net profit rise 4% YoY

Shanghai (Gasgoo)- Geely Automobile Holdings Limited (called "Geely Auto" or "the Company") gained 45.032 billion yuan ($6.952 billion) of revenue in the first half of 2021 (H1 2021), representing 22% year-on-year growth. The semi-annual profit attributable to the Company's equity holders climbed 4% to 2.381 billion yuan ($367.607 million).

Photo credit: Geely

For the Jan.-Jun. period, basic earnings per share stood at 0.236 yuan, dropping from 0.2473 yuan for the year-ago period. Diluted earnings per share were down 4% YoY to 0.2359 yuan, primarily attributable to the 600 million placing shares issued in early June 2020.

Geely Auto and its subsidiaries (called “the Group” collectively”) sold a total of 630,237 new vehicles in the first half of 2021, a 19% year-on-year growth. The Company said the sales performance was in line with the management's expectations. To be specific, the sales of the domestic market increased 13% to 576,815 units, while the export sales volume soared 173% to 53,422 units thanks to the recovery of demands in its major overseas markets as the impact of the coronavirus pandemic temporarily subsided.

As for brand new product launches in the future, new energy vehicle (NEV) and internal combustion engine (ICE) versions will be launched at the time time, said Geely Auto. In the second half of 2021, a compact sedan model and a compact CMA (Compact Modular Architecture)-based SUV model will be launched under the “Geely” brand. Besides, an electric A00-segment SUV model will be released under the “Geometry”, Geely Auto's BEV-dedicated brand. Riding on the SPA (Scalable Platform Architecture), a full-sized Lynk & Co-branded SUV model will be released as well.

In late June 2021, the Company decided to withdraw the application of the proposed RMB share issue on the Sci-Tech Board in view of strategic adjustments. The withdrawal would not give rise to any material adverse impact on the Group's financial position or operation, said Geely Auto. The Company also stated it would actively promote the listing work of RMB share issuance when relevant conditions are met.