GAC Group’s Q1 2022 revenue leaps 45.67% YoY

Shanghai (Gasgoo)- GAC Group announced on Wednesday that its revenue in the first quarter of 2022 came at 23.145 billion yuan ($3.529 billion), jumping 45.67% year on year.

AION LX Plus; photo credit: GAC AION

The robust growth in first-quarter revenue was mainly thanks to the year-on-year spike in sales of the group’s self-owned auto brands. For the first three months of the year, GAC Group's total vehicle sales jumped 22.48% over a year earlier to 608,147 units. Notably, the EV-dedicated brand AION sold 44,874 units, representing a 154.85% year-on-year hike.

GAC Group said the first-quarter net profit attributable to shareholders rose 27.17% over a year earlier to around 3.009 billion yuan ($458.676 million).

Excluding the impact of certain non-recurring gains and losses, the Jan.-Mar. net profit leapt 30.18% from the previous year to 2.898 billion yuan ($441.843 million). The group said the blooming increase mainly resulted from the jump in vehicle sales, revenue, and the income from the investment activities in affiliated companies.

During the reporting period, the basic earnings per share of GAC group reached 0.29 yuan ($0.044), tumbling from 26.09 yuan ($3.98) in the same period of 2021.

Besides, the company's R&D expenses amounted to roughly 240.722 million yuan ($36.699 million) in the first three months, dipping 7.5% from the previous year.