SAIC Motor sees Q3 net profit drop 14.75% YoY

Shanghai (Gasgoo)- In the third quarter of 2021 (reporting period), SAIC Motor saw its gross revenue dip 13.17% year on year to 186.616 billion yuan ($29.201 billion), according to the latest financial results the company released on Oct. 29.

During the reporting period, the Shanghai-based giant's net profit attributable to shareholders reached 7.036 billion yuan ($1.101 billion), falling 14.75% compared to the year-ago period. After deduction of non-recurring profit and loss, the group's Q3 net profit reached 6.163 billion yuan ($964.457 million), dwindling 23.04% from the previous year.

Meanwhile, SAIC Motor announced the basic earnings per share of 0.608 yuan ($0.095) for the third quarter, representing a 14.12% year-on-year decline. 

As for year-to-date performance, SAIC Motor boasted two-digit growth in both revenue and net profit. To be specific, its Jan.-Sept. revenue grew 10.84% year on year to 552.713 billion yuan ($86.487 billion), while the net profit belonging to shareholders jumped 22.24% to 20.35 billion yuan ($3.184 billion).

Besides, SAIC Motor said it received governmental subsidies of 2.151 billion yuan ($336.565 million) during the first nine months, 691.474 million yuan ($108.2 million) of which were included in the third-quarter profits and losses.

The overall cost of operations for the Jan.-Sept. period rose 9.88% over a year earlier to 539.986 billion yuan ($84.495 million). Of those, the R&D expense was 12.6 billion yuan ($1.972 billion), surging 41.55% over the prior-year period.

By the end of Sept. 2021, the group's total assets amounted to 865.7 billion yuan ($135.463 billion), shrinking from 919.415 billion yuan ($143.868 billion) for the end of 2020.