BYD expects Q3 net profit to grow up to 365% year-on-year

BYD expects third quarter net profit to be RMB 5.5 billion to RMB 5.9 billion, up 333.60 percent to 365.11 percent from RMB 1.27 billion in the same period last year.

BYD expects a third-quarter net profit of RMB 5.5 billion ($764 million) to RMB 5.9 billion, up 333.60 percent to 365.11 percent from RMB 1.27 billion in the same period last year, according to a Hong Kong Stock Exchange announcement today.

After excluding non-recurring gains and losses, the largest new energy vehicle (NEV) makers in China expects a third-quarter net profit of RMB 5.07 billion to RMB 5.77 billion, up 879.37 percent to 1014.57 percent from RMB 518 million in the same period last year.

BYD expects third-quarter earnings per share of RMB 1.89 to RMB 2.03, up from RMB 0.44 in the same period last year.

For the first three quarters, BYD expects a net profit of RMB 9.1 billion to RMB 9.5 billion, up 272.48 percent to 288.85 percent year-on-year.

BYD expects its net profit for the first three quarters to be RMB 8.1 billion to RMB 8.8 billion after deducting non-recurring gains and losses, an increase of 813.80 percent to 892.77 percent year-on-year.

The company expects earnings per share for the first three quarters to be RMB 3.13 to RMB 3.27, up from RMB 0.85 in the same period last year.

In the third quarter, the NEV industry continued to accelerate upward despite multiple adverse factors such as the complex and severe economic situation, the sporadic outbreak of Covid, extremely hot weather and high commodity prices, BYD said.

BYD's NEV sales maintained strong growth and continued to reach record highs, it said, adding that its market share lead and continued to strengthen.

The significant growth in vehicle sales drove a significant improvement in earnings, effectively easing the pressure on earnings from rising upstream raw material prices, BYD said.

In the cell phone components and assembly business, BYD Group benefited from improved profitability thanks to improved cost control capabilities and product mix adjustments, despite still weak demand from the consumer electronics industry, it said.

Previously published figures have shown that BYD sold 538,704 NEVs in the third quarter, up 194.37 percent year-on-year and 51.74 percent from the second quarter.

BYD stopped production and sales of vehicles powered entirely by internal combustion engines in March this year.