Gasgoo.com (Shanghai April 5) - SAIC Group's stockholders earned a total of 20.2 billion yuan ($3.19b) in net profit last year, Economic Observer News reported today, citing figures from the manufacturer's recently released annual performance review. The amount represents year-on-year growth of 23.38 percent in net profit for SAIC. The manufacturer sold over four million Chinese-made vehicles in 2011, 12 percent more than the previous year. SAIC stock earned 1.834 yuan ($.2897) per share.
SAIC's business returns for the year totaled 434.8 billion yuan ($68.69b). The total value of the manufacturer's assets was recorded to be 318.6 billion yuan ($50.34b). Sales of passenger and commercial vehicles for the year were 16.37 percent and 4.31 percent higher than in 2010.
SAIC's two joint ventures with foreign enterprises, Shanghai General Motors and Shanghai Volkswagen, played a crucial role in aiding the manufacturer's strong performance last year. SAIC-GM-Wuling, meanwhile, continued to lead the microvan market.
A total of 18.79 vehicles were sold in China last year, signifying an end to rapid growth in the domestic automobile market. SAIC expected demand in the market to contract, and as such scaled back on its sales policies. With continued pressure on the market, increasingly strict policies aimed at curbing the number of automobiles in major cities and its inventories growing ever larger, SAIC has a tough road ahead of it in 2012.
