Great Wall Motor Posts Fivefold Increase in Profit
By Jiahui Huang
Great Wall Motor's net profit rose more than fivefold in the first half of the year, thanks to robust sales growth in its overseas markets.
The Chinese automaker said Thursday that its first-half net profit was 7.08 billion yuan, equivalent to $993.6 million, up sharply from 1.36 billion yuan a year ago.
Its revenue rose 31% to 91.43 billion yuan. The company attributed the increase to higher car sales and average revenue per vehicle, especially given the higher price tag in overseas markets.
The company's domestic car sales dropped 10% to 355,009 units, but first-half exports jumped 62% to 199,847 units.
Its gross profit margin rose to 20.74% from 16.85% a year earlier.
Analysts at Citi said in a recent note that Great Wall Motor could enjoy robust overseas sales growth for the rest of the year, with the high season starting in September.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
August 29, 2024 06:37 ET (10:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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