BYD’s annual revenue in 2021 leaps 38.02% YoY, but net profit falls 28.08%

Shanghai (Gasgoo)- BYD Company Limited (“BYD”) saw its annual net profit attributable to shareholders dwindle 28.08% year on year to 3.045 billion yuan ($479 million) in 2021, according to the company's announcement.

Excluding the impact of certain non-recurring gains and losses, BYD recorded a yearly net profit of around 1.255 billion yuan ($197.304 million), representing a 57.53% plunge from a year earlier.

Photo credit: BYD

The company posted a robust year-over-year growth of 38.02% in its full-year revenue in 2021, which stood at 216.142 billion yuan ($33.991 billion).

BYD said it received governmental NEV subsidies of around 5.867 billion yuan ($922.709 million) last year.

Besides, BYD's net cash flow generated by operating activities reached 65.467 billion yuan ($10.295 million) in 2021, surging 44.22% from the previous year. The yearly basic earnings per share were 1.06 yuan ($0.17), versus the 1.47 yuan ($0.23) for the prior-year period.

BYD is principally engaged in automobile business, handset components and assembly services, as well as rechargeable battery and photovoltaics business. In 2021, 52.04% of the company's annual revenue was contributed by the automobile business unit.

BYD’s remarkable revenue growth greatly flowed from its rising automobile sales. According to the company's annual results, BYD's vehicle sales exceeded 720,000 units last year, surging 82.8% from a year ago.

Last year, BYD poured a total of 10.627 billion yuan ($1.671 billion) into R&D-related businesses, a 24.2% growth year-over-year. The R&D expenses were mainly used to develop the Blade Battery technology, the energy storage solution “BMS-active”, the DM-i super hybrid technology, the DM-p hybrid technology platform, the 5G-enabled DiLink 4.0 in-car infotainment system, the e-platform 3.0, and other technologies.