EVE Energy’s Q1-Q3 2022 net profit expected to grow 10%-20% YoY

Shanghai (Gasgoo)- For the first three quarters of 2022 (Q1-Q3), Chinese battery maker EVE Energy Co., Ltd. ("EVE Energy") expects its net profit attributable to shareholders to reach 2,437,385,400-2,658,965,900 yuan (US$339.044 million-369.866 million), growing 10%-20% compared to the same span of 2021, the company announced earlier this month.

Excluding the impact of certain non-recurring gains and losses, the company's Q1-Q3 net profit was anticipated to be between 2,130,043,800-2,343,048,100 yuan (US$296.292 million-325.921 million), which would rise 0%-10% from the previous year.

Photo credit: EVE Energy

In the third quarter of this year (Q3), EVE Energy predicts a 50%-80% year-over-year surge in its net profit attributable to equity holders, which may stand between 1,081,653,600-1,297,984,400 yuan (US$150.459 million-180.551 million).

After deducting non-recurring profit and loss, the company's Q3 net profit belonging to shareholders is likely to leap 20%-50% over a year earlier to 845,677,900-1,057,097,300 yuan (US$117.635 million-$147.044 million).

EVE Energy said the upward movement in its Q1-Q3 net profit mainly resulted from the satisfactory profitability recovery of various product series, which came after the company adjusted its pricing mechanism in a timely manner amid a drastic hike in main upstream raw materials.

In addition, the company added its main battery business was in well development and its battery shipments were growing rapidly with its new production facilities going into operation. In the Q1-Q3 period, EVE Energy recorded a year-over-year surge of around 110% in both revenue and profit of main businesses.