JAC Group turns loss into profit in H1 2023

Beijing (Gasgoo)- Chinese legacy automaker JAC Group achieved an impressive turnaround in its financial performance in the first half of 2023, according to the company's interim report released on August 4. 

Photo credit: JAC Group

JAC Group's total revenue for H1 stood at 22.454 billion yuan, jumping 26.06% year over year. Notably, the company’s operating profit reached 168 million yuan, reversing the 677-million-yuan loss recorded in the year-ago period. The total profit for the first six months of this year reached 178 million yuan, as opposed to the 678-million-yuan loss in the same period of the previous year. 

In the Jan.-Jun. period, JAC Group’s net profit attributable to the shareholders of the listed company came in at 152 million yuan, compared to the 712-million-yuan loss in the same period last year. However, when excluding non-recurring gains and losses, net loss in the first half of 2023 still amounted to 246 million yuan, indicating a significant improvement from last year's loss of 1.079 billion yuan.

JAC Group attributes this impressive recovery to sustained efforts in its export business, which has yielded substantial growth in both scale and profitability. Additionally, the group received government bonuses, subsidies, and policy funds totaling approximately 485 million yuan in the first half of the year, reflecting a notable increase of around 171 million yuan compared to the same period last year.

In line with this successful performance, JAC Group’s cumulative sales volume summed up to around 278,800 units in the first half of the year, rising 18.53% year over year. Notably, vehicle exports shot up 82.98% from a year ago to roughly 89,200 units.