Geely Auto posts 18% year-on-year growth in 2018 net profit

Shanghai (Gasgoo)- Geely Automobile Holdings Limited reported on March 21 that its annual revenue in 2018 grew 15% year on year to RMB106.595 billion and the full-year net profit attributable to equity holders jumped 18% over a year ago to RMB12.553 billion.

Besides, the automaker reported basic earnings per share of RMB1.4 and proposed a final dividend of HK$0.35 per ordinary share . 

The annual report said total net profit of the group grew 18% from RMB10.74 billion in 2017 to RMB12.67 billion in 2018 thanks to the increase in overall sales volume and better profit margin during 2018.

Moreover, the group's average ex-factory selling price was up only 1.1% over the same period of the previous year due to the launch of a few lower-priced compact SUV models since the second half of 2017 and the exclusion (from the calculation) of the higher-priced “Lynk & Co” vehicles, which were sold under its 50%-owned joint venture.

The group achieved a growth of 19% in domestic sales volume (including the sale of “Lynk & Co” vehicles) in 2018, powered by the good  sales  performance  of  its  A-segment  sedans  and SUVs as well as the further enhanced product portfolio after launching the newest A-segment sedan model "Binrui" and the new compact SUV model "Binyue".

According to the annual report, the group's export sales volume also presented a strong rebound of 136% year-on-year growth in 2018 by virtue of the introduction of more updated vehicles to overseas markets. Last year, the automaker sold 1,500,838 vehicles in total, up by 20% from 2017 and only 5% below the original 2018 sales target.