GAC Group posts 1.13% year-on-year growth in 2018 revenue

Shanghai (Gasgoo)- GAC Group announced on March 29 that its full-year consolidated revenue in 2018 edged up 1.13% year on year to around RMB72.38 billion and its net profit attributable to shareholders of parent company slightly climb 1.08% over the previous year to RMB10.903 billion.

Besides, the automaker posted earnings of RMB1.07 per share, 10.83% less than that of a year ago.

The Board decides to recommend payment of a final dividend of RMB2.8 per 10 shares (including tax). Along with an interim dividend of RMB 1 per 10 shares (including tax) that has been distributed, the group will pay a total of RMB3.887 billion in full-year dividend to shareholders, a year-on-year increase of around 2.64%. Up until now, GAC Group has distributed over RMB12 billion worth of cash dividends since it went public.

In 2018, China was hit by the first-time negative growth for the past 29 years, while GAC Group saw its vehicle outputs and sales rise 8.77% and 7.34% over a year ago respectively to around 2.194 million units and 2.147 million units. The annual sales of its self-owned car brand have exceeded 500 million units for two straight years. Joint ventures also gained rising performance last year. GAC Honda obtained a 5.16% year-on-year growth, while GAC Toyota and GAC Mitsubishi saw their 2018 sales surged 31.11% and 22.69% respectively.

According to the annual report, in 2018, GAC Group ranked 202nd in Fortune Global 500 list, entering the list for the sixth year in a row. In last October, Fortune China published the Future 50 2018 List. GAC ranked 23rd, ranking the highest among nominees from China. It was also the only Chinese state-holding carmaker on the list.