Wuling Motor: the net profit in the first half is expected to be 12 million yuan, turning losses into profits compared with the same period last year.
CTOnews.com news on July 27, Wuling Motors announced that based on the Group's unaudited consolidated management accounts for the six months ended June 30, 2023 and a preliminary assessment of the information currently available to the board of directors, the Group expects:
(I) the Group will record a net profit of not more than RMB 12000000 for the six months ended June 30, 2023, an improvement over the net loss of RMB 138587000 for the six months ended June 30, 2022
(ii) the profit attributable to the owners of the Company for the six months ended 30 June 2023 will be approximately RMB 1000000, which will also be improved as compared with the loss attributable to the owners of the Company for the six months ended 30 June 2022 of RMB 80545000.
In 2022, Wuling Motor achieved an annual operating income of 12.595 billion yuan, a net profit of 40.03 million yuan, an increase of 187% over the same period last year, and a net profit of 22.61 million yuan, an increase of 194% over the same period last year.
It is said that Wuling Motors' annual operating income in the powertrain business segment was 2.896 billion yuan, an increase of 5% over the same period last year. Among them, the increase of new energy vehicle business has brought a significant improvement to revenue and profits.
According to the financial report, Wulingliu sold a total of 230000 engines and hybrid systems in 2022, an increase of about 12.2% over last year. Sales to core customers SAIC GM Wuling were about 1.798 billion yuan, an increase of about 38.3% over last year. CTOnews.com noted that 468 million yuan of that came from the new energy vehicle business.
Wuling Motors previously announced that on June 27, 2023, Wuling Industry and Wuling New Energy signed an after-sales service subcontract agreement. Accordingly, Wuling New Energy will provide after-sales service for new energy vehicles on behalf of Wuling Industry.
At present, Wuling New Energy is owned by Guangxi Automobile, Wuling Automobile and Wuling Industry with 70.69%, 13.50% and 13.26% respectively. Guangxi Motor owns about 56.54% of the total issued shares, so it is the ultimate controlling shareholder of Wuling Motor.
