CATL scores 131.45% YoY surge in semi-annual net profit
Shanghai (Gasgoo)- For the first half of 2021, CATL gained 44.075 billion yuan ($6.806 billion) of revenue, representing 134.07% year-on-year growth, according to the company's latest financial results. Its semi-annual net profit attributable to shareholders surged 131.45% to 4.484 billion yuan ($692.402 million).
Photo credit: CATL
During the reporting period, the net cash flowing from operating activities was 25.742 billion yuan ($3.975 billion), rocketing 341.81% from the previous year. The basic earnings per share stood at 1.9416 yuan ($0.3), versus 0.8833 yuan ($0.14) for the year-ago period.
The company attributed the revenue and profit growth to the supportive industrial policies and growing downstream demands. According to the China Association of Automobile Manufacturers (CAAM), China's new energy vehicle sales reached 1.206 million units in the Jan.-Jun. period, soaring 139.3% year on year. The robust NEV sales growth significantly boosted the increase in power battery demands.
CATL said it was making sustained efforts to step up the investment in R&D, improve its product structure and marketing strategies, and ramp up its production capacity. Thanks to those endeavors, the company's semi-annual revenue from power battery system business zoomed up 125.94% to 30.451 billion yuan ($4.702 billion). According to SNE Research, CATL recorded a power battery installed capacity of 34.1GWh for the first six months, shooting up 234.2% year on year and ranking first worldwide.
Besides, CATL's first-half revenues from the energy storage system sale and the lithium-ion battery business (including the recycling of decommissioned batteries) amounted to 4.693 billion yuan ($724.655 million) and 4.986 billion yuan ($769.989 million), rising 727.36% and 303.89% respectively.
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