BYD’s H1 2022 net profit forecasted to soar 138.59%-206.76% YoY

Shanghai (Gasgoo)- BYD Company Limited ("BYD") announced on Thursday its net profit attributable to shareholders was anticipated to reach 2.8 billion yuan to 3.6 billion yuan ($416.017 million-$534.879 million) in the first half of 2022, surging 138.59% to 206.76% from the year-ago period.

Excluding the impact of certain non-recurring gains and losses, the company's semi-annual net profit attributable to shareholders was likely to stand between 2.5 billion yuan to 3.3 billion yuan ($371.444 million-$490.305 million), skyrocketing 578.11% to 795.11% compared to the same span in 2021.

The company also predicted that the basic earnings per share for the first six months of 2022 might be 0.96 yuan to 1.24 yuan ($0.14-$0.18), rising from 0.41 yuan ($0.061) per year for the prior-year period.

Photo credit: BYD

BYD said the robust growth in its new energy vehicle sales to some extent cushioned the pressure on profitability, which was led by rising prices of upstream raw materials.

For the first half of 2022, BYD sold 646,399 vehicles in total, representing a 162.03% year-on-year hike. Its year-to-date NEV sales reached 641,350 units, surging 314.9% from a year earlier.

Thanks to the company's improvement in cost control capability and product structure, the profitability of BYD's handset components and assembly business somewhat recovered in the first six months despite the weak demands in the consumer electronics industry.