JAC Group granted another RMB53 million subsidies

Beijing (Gasgoo)- Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Group) announced its newly-received government subsidies (previously disclosed amount not included) by the end of September and pointed out the positive influences the said subsidies bring to the group’s 2021 annual profit.

The SEHOL Yao; photo credit: JAC Motors

According to the announcement, JAC Group and its subsidiaries have received another RMB53.16 million ($8.25 million) government income-related subsidies by September 30th, 2021. Under the company policy, the fundings received will be added to the group’s annual report as current yield, favorable to the group’s yearly profit.

Notably, this marks the fourth time in the third quarter for JAC Group to receive government grants. By September 22nd, the group posted a subsidy worth RMB14.37 million ($2.23 million). Earlier on August 26th, it was granted RMB23.74 million ($3.68 million) by the government and RMB23.59 million ($3.81 million) by July 29th.

Based on the automaker’s H1 financial report released in August, the group has made a turnaround from losses in the first half of this year as its semi-annual sales saw an increase of 36.12% from a year ago. Revenue grew 13.87% to RMB22.38 billion ($3.47 billion), while net profit attributable to shareholders totaled RMB478 million ($74.18 million). The RMB116 million ($18 million) worth of government subsidies will shine a positive light on the group’s third-quarter profits.