Shanghai (Gasgoo) – BYD Company Limited (“BYD”) expects its net income attributable to shareholders to reach RMB 9.1-9.5 billion (US$1.264-1.32 billion) in the first three quarters of 2022 (1-3 quarters of 2022), which would be 272.48% -288.85% more than the year-ago period, according to the company’s announcement on Monday.

After deducting one-time gains and losses, BYD posted an estimated 1-3Q net profit of 8.1-8.8 billion yuan (US$1.125-1.222 billion), a sharp increase of 813.8%-892.77% in compared to the same period last year. .

Photo credit: BYD

The company added that core earnings per share for the first nine months of 2022 are likely to be 3.13-3.27 yuan (US$0.43-0.45), versus 0.85 yuan (US$0.12) for period of the previous year.

Operating performance in the third quarter (Q3) also reflects strong growth. BYD forecast a 333.6%-365.11% year-on-year rise in third-quarter net shareholder income of 5,504.72-5,904.72 million yuan (US$764,629-820,191 million).

In addition, the company forecast 1.89-2.03 yuan (0.26-0.28 US dollars) in its core earnings per share in 3Q, up from 0.44 yuan (0.061 US dollars) in the same period last year .

In the third quarter of 2022, China’s new energy industry is on track for faster development despite headwinds such as the effects of the epidemic, intense heat and high commodity prices, according to BYD. Faced with this market climate, BYD achieved a sharp surge in NEV sales both in the previous year and in the previous quarter, significantly improving the group’s profitability and easing the pressure caused by rising raw material prices.

In addition, thanks to the group’s increased ability to control costs and product structure adjustments, BYD’s profitability in phone component manufacturing and assembly also improved in the third quarter, despite overall weak demand in the consumer electronics industry.