JAC Group forecasts 237.08% YoY surge in Q1-Q3 net profit

Beijing (Gasgoo)- On October 15, Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Group) released its earnings forecast for the first three quarters of 2024. According to preliminary estimates by the company's finance department, JAC Group expects a net profit of approximately 620 million yuan attributable to the parent company, reflecting a spike of 237.08% compared to the same period last year.

Photo credit: JAC Group

The announcement attributed this profit growth to several key factors. JAC Group continued to optimize its product and debt structures, expanded its presence in both domestic and international markets, and benefited from increased foreign exchange gains and reduced financial expenses. Additionally, the company saw a significant rise in asset disposal gains, supported by its ongoing efforts to optimize asset structures and improve resource allocation efficiency.

As previously reported, JAC Group sold a total of 315,300 vehicles in the first three quarters of 2024. In September alone, the group's global pickup truck sales reached 7,897 units, marking a 63.6% year-on-year hike.