BYD scores 206.35% YoY surge in H1 2022 net profit

Shanghai (Gasgoo)- BYD Company Limited (“BYD”) announced on Tuesday its revenue for the first half of 2022 (“H1 2022”) reached around 150.607 billion yuan ($21.773 billion), jumping 65.71% from a year earlier.

To be specific, the business of automobile and auto-related products recorded semi-annual revenue of about 109.267 billion yuan ($15.796 billion), zooming up 130.31% year on year and accounting for 72.55% of the company's total revenue. However, the handset component and assembly business posted a 4.78% year-on-year decline in its H1 revenue, which reached around 41.07 billion yuan ($5.937 billion).

Photo credit: BYD

During the reporting period, BYD saw its net profit attributable to shareholders shoot up 206.35% over a year ago to 3.595 billion yuan ($519.752 million). After deduction of non-recurring profit and loss, the H1 net profit even rocketed 721.72% year over year to 3.029 billion yuan ($437.947 billion).

The company said the rapid growth in its sales volume helped it scale up and improve its profitability, which partially offset the pressure brought by the inflation of the raw materials.

For the first half of 2022, BYD sold 646,399 vehicles, representing a 162.03% year-on-year spike. Notably, the company's H1 new energy vehicle (“NEV”) sales soared 314.9% from a year earlier to 641,350 units.

The company's market share of NEVs reached 24.7% in the first half of 2022, representing an increase of 7.5 percentage points compared to the same span in 2021, according to BYD’s financial results, which quoted data from the China Association of Automobile Manufacturers.For the first six months of the year, BYD poured roughly 6.47 billion yuan ($935.274 million) in R&D business, representing a 46.63% year-on-year leap.