JAC Group turns loss to profit in Q3 2023

Beijing (Gasgoo)- On October 27, 2023, Chinese automaker JAC Group unveiled its third-quarter (Q3) financial report for 2023, showcasing year-on-year growth in both revenue and profitability. 

Photo credit: JAC Group

In Q3 2023, JAC Group achieved an operating income of 11.55 billion yuan, marking an 18.23% year-on-year increase. Notably, the company reported a net profit attributable to shareholders of 28.74 million yuan for the same period, representing a significant turnaround from the net loss of 71.71 million yuan in the year-ago period.

Cumulatively, for the first three quarters of 2023, JAC Group recorded total operating income of 33.92 billion yuan, reflecting a 23.16% jump year over year, with a net profit of 183.93 million yuan in total. This represents a noteworthy recovery from the net loss of 784 million yuan during the same period a year ago.

The remarkable year-on-year growth in performance can be attributed to increased gross margins in the core business, as well as continued expansion in export operations, resulting in both scale and efficiency gains, said JAC Group. For the first three quarters of 2023, JAC Group's cumulative auto sales reached roughly 441,200 vehicles, representing an 18.7% increase from a year ago, while cumulative exports surged by 58.88%, reaching around 126,900 units.

In addition, JAC Group announced an R&D expense of about 1.17 billion yuan for Q3 2023.