Changan Automobile boasts 53.65% YoY surge in Q1 2023 net profit

Beijing (Gasgoo)- On April 27, Chinese major automaker Chongqing Changan Automobile Co., Ltd. (Changan Automobile) released its financial report for the first quarter of 2023, which showed a two-digit year-on-year soar in net profit attributable to shareholders.

Photo credit: Changan Automobile

In the first three months of this year, Changan Automobile's revenue came in at 34.556 billion yuan, which remained stable compared to both the previous quarter and the previous year. 

Meanwhile, its net profit attributable to the shareholders amounted to 6.97 billion yuan, representing a year-on-year jump of 53.65%. After non-recurring deductions, its net profit attributable to shareholders reached approximately 1.481 billion yuan, which dropped by 34.75% from a year ago.

By the end of the first quarter of 2023, Changan Automobile's total asset had reached 174.109 billion yuan, up 19.21% compared to the year-ago level.

On the other hand, according to Changan Automobile's 2022 annual performance report released on April 17, the company achieved a sales volume of 2.346 million vehicles in total last year, which is the highest record for the past five years. 

In the past year, the company saw its annual revenue stand at 121.253 billion yuan, which increased 15.3% year on year. After deducting non-recurring gains and losses, Changan Automobile’s net profit attributable to shareholders was 4.459 billion yuan in 2022, shooting up 169.8% from the earlier year.

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