China’s leading automaker Geely Automobile Holdings Limited saw a 36 percent rise in its operating revenues at the mid-year mark, which stood at 53.71 billion yuan.
The unaudited semi-annual financial statement of this Hong Kong-listed company, which was released on Wednesday, revealed a 54 percent increase in profits attributable to its shareholders, which reached 6.67 billion yuan as of the end of June. The basic and diluted earnings per share both increased by 52 percent to 0.74 yuan and 0.73 yuan respectively.
By the end of June, Geely had 89.27 billion yuan in total assets and 39.02 billion yuan in equities attributable to its shareholders, which were up by five percent and 13 percent respectively. Net value per share attributable to its shareholders went up by 13 percent to 4.35 yuan
This company enjoyed six months of business boom in 2018, selling 766,630 cars during this period, up by 44 percent. Considering that most of Geely’s new models will debut in the second half of 2018, this robust performance was truly impressive and contrasted sharply with the overall sales growth of 4.6 percent at China’s passenger car market.
For the 6-month period, 757,931 cars were bought by domestic customers, up by 44 percent, boosting Geely’s market share in China from five percent in 2017 to 6.4 percent. This ratio has made it China’s third largest manufacturer of passenger cars.
At the overseas markets, another 8,699 cars were sold, up by 126 percent, thanks to the export of new models and the economic recovery at Geely’s key markets in eastern Europe, the Middle East and South America.
By the end of this reporting period, the overseas market across 24 countries contributed 1.1 percent to this company’s total sales, compared to a ratio of 0.7 percent in 2017 and 20 percent in 2013.
In the financial statement, Geely’s management team expressed full confidence in selling 1.58 million cars in 2018 and highlighted its dedication to the sales target of two million cars by 2020.
In this sales target, new energy vehicles (NEVs) will assume a significant weight. According to Geely’s NEV development plan, it aims to make sure NEVs make up 90 percent of its car sales by 2020.
From January to June, the sales of its NEVs shot up by 71 percent to 14,362 units. Another two new NEV models are expected to hit the market soon.
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