SAIC Motor boasts robust growth in second-quarter net profit

Shanghai (Gasgoo)- For the first half of 2020, SAIC Motor's gross revenue fall 24.6% over a year ago to 283.74 billion yuan ($41,253,921,557), and its net profit attributable to shareholders tumbled 39.01% to 8.394 billion yuan ($1,220,469,194), according to the semi-annual financial results the automaker released on August 28.

Based on both the first-half and first-quarter financial reports, we can learn that the China's largest automaker gained roughly 177.794 billion yuan ($25,849,991,645) and 7.273 billion yuan ($1,057,505,460) in the second-quarter gross revenue and net profit, achieving robust surge of 67.81% and 548.92% over a quarter ago respectively.

SAIC Motor also boasted a sound rebound in the second-quarter sales. According to its sales reports, the group sold a total of 2,049,116 vehicles in the first half of the year, of which 1,370,088 units were sold in the second quarter, which were more than doubled over the previous quarter.

(Photo source: SAIC Volkswagen)

For the Jan.-Jun. period, the net cash flows from operating activities stood at 29.358 billion yuan ($4,268,404,743), a marvelous hike from 129.092 million yuan ($18,769,155) recorded in the year-ago period. SAIC Motor said the cash flow provided great supports for the company’s handling over such uncertainties as the continuous market adjustments and the COVID-19 pandemic.

SAIC Motor's R&D expenses for the first six months amounted to 5.843 billion yuan ($849,495,880), accounting for 2.13% of the semi-annual revenue and sliding 2.6% over the prior-year period.

Disturbed by the COVID-19 pandemic, SAIC Motor is piling on pressure in the sale and other operations. Its first-half complete vehicle sales volume slumped 30.2% from a year earlier to 2.049 million units. Of those, PV sales tumbled 35.8% to 1.63 million units, while CV sales still climbed 5% to 419,000 units. Besides, SAIC Motor exported and sold in overseas markets a total of 132,000 vehicles, the best performance among Chinese automakers.