SAIC Motor achieves leap in Q1 2021 revenue, net profit thanks to sales growth

Shanghai (Gasgoo)- SAIC Motor, the Chinese biggest automobile group, reported a gross revenue of 189.095 billion yuan ($29.22 billion) for the first quarter of 2021, a year-on-year jump of 82.13%. Meanwhile, the first-quarter net profit attributable to shareholders zoomed up 510.83% to 6.847 billion yuan ($1.058 billion).

The company said the increase in revenue and net profit was mainly credited to the sales growth. During the reporting period, SAIC Motor saw its auto sales surge 68.24% over a year ago to 1,142,410 units, with all subsidiaries recording robust growth. With a combined sales volume of nearly 548,000 units, SAIC's self-owned brands, including Roewe, MG, R Auto, Maxus, Wuling, Baojun, Hongyan, Yuejin, and Sunwin Bus, accounted for 48% of the group's Jan.-Mar. sales.

The Shanghai-based auto giant also announced its quarterly operating cost, tax & surcharges, sales expense, and investment income reached 163.963 billion yuan ($25.336 billion), 1.132 billion yuan ($174.852 million), 9.209 billion yuan ($1.423 billion), and 6.808 billion yuan ($1.052 billion). Those figures all represented robust growth from a year ago largely due to the sales rise as well.

The net cash flow generated from operating activities amounted to 2.008 billion yuan ($310.305 million) in the first quarter, soaring 221.99% year over year largely thanks to the improvement in the cash flow of SAIC Motor’s complete vehicle manufacturing subsidiaries. Additionally, the net cash flow from financing activities also leapt 101.19% to 9.606 billion yuan ($1.484 billion).

SAIC Motor also announced its R&D expense in this period was 3.418 billion yuan ($528.146 million), rising 10.6% compared to the year-ago period.

With an aim of being a high-tech enterprise, SAIC Motor plans to plow 300 billion yuan ($46.357 billion) in many innovative tech businesses like intelligent electrification in the 14th five-year plan period (2021-2025).