JAC Group expects Q1-Q3 net profit to over quadruple

Beijing (Gasgoo)- JAC Group estimated a lucrative three quarters this year with its net profit expected to more than quadruple from a year ago. 

The SEHOL Yao; photo credit: JAC Motors

The carmaker released a performance preannouncement recently, stating that in the first nine months this year, the company will be seeing a year-on-year surge of 360% in net profit attributable to shareholders, which may amount to RMB195 million ($30.5 million).

Thanks to several active changes made to perfect its business operation, including product structure readjustments, optimized resources allocations, and strict cost monitoring, JAC Group has improved its product profitability.

The gross profit of its mainstay business was forecasted to increase by RMB153 million, while its other business sectors saw a RMB190 million ($29.73 million) growth. In addition, the company earned RMB49 million ($7.67 million) through its joint venture subsidiaries during the reporting period.

According to JAC Group’s September sales report, for the first nine months this year, the carmaker sold 396,516 vehicles, up 19.22% from the same period of last year. With 14,400 cars sold, JAC Group’s battery-electric vehicle (BEV) sector brought home a win in September, soaring 162.92% year on year. Its year-to-date BEV sales accumulated to 90,093 vehicles, almost tripled from a year ago.

The cumulative export volume of the automaker amounted to 56,745 vehicles from January to September, up 140.78% versus 2020.