Shanghai (ZXZC)- GAC Group announced on Tuesday its full-year net profit attributable to shareholders is forecasted to reach 6.6 billion ($1.035 billion) to 7.6 billion yuan ($1.192 billion), rising 11% to 27% from the previous year.

AION Y; photo credit: GAC AION

Excluding the impact of certain non-recurring gains and losses, the group’s annual net profit is estimated to be 5.6 billion ($878.583 million) to 6.7 billion yuan ($1.051 billion), growing 16% to 39% compared to the year-ago period.

GAC Group stated it dashed with all its might to smooth away such difficulties as chip shortage, raw material price increase, and coronavirus resurgence, resulting in stable growth in both annual auto outputs and sales. Meanwhile, it saw a stable improvement of operational efficiency thanks to the measures it adopted to adjust product structure and strengthen the cost control.

GAC Group output and sold 2,138,127 and 2,144,387 vehicles through 2021, representing 5.08% and 4.92% year-on-year growth respectively, the group claimed last week.

Of the new vehicles sold last year, 142,853 and 298,814 units were new energy vehicles (NEVs) and energy-saving vehicles, up 77.35% and 43.63% over a year earlier.

GAC Group stated its industrial production value amounted to 350.01 billion yuan ($54.913 billion) in 2021, growing 9.7% from the previous year and exceeding its annual goal.