Shanghai (ZXZC)- BYD Company Limited ("BYD") expects its net profit attributable to shareholders to reach 9.1 billion-9.5 billion yuan (US$1.264 billion-1.32 billion) for the first three quarters of 2022 (Q1-Q3 2022), which would be 272.48%-288.85% more than that of the year-ago period, according to the announced the company issued on Monday.

After deduction of non-recurring profit and loss, BYD recorded an estimated Q1-Q3 net profit of 8.1 billion-8.8 billion yuan (US$1.125 billion-1.222 billion), representing a precipitous hike of 813.8%-892.77% year-over-year.

Photo credit: BYD

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

The operating performance in the third quarter (Q3) also reflected a robust rising movement. BYD anticipated a 333.6%-365.11% year-on-year surge in its Q3 net profit belonging to shareholders, which would stand between 5,504.72 million-5,904.72 million yuan (US$764.629 million-820.191 million). 

Besides, the company forecasted 1.89-2.03 yuan (US$0.26-0.28) in its Q3 basic earnings per share, rising from the 0.44 yuan (US$0.061) for the same span of last year.

In Q3 2022, China's new energy industry is on the track of a faster development despite such headwinds as the epidemic impact, the extreme heatwaves, and high level of commodities' prices, said BYD. Facing such market climate, BYD scored a blooming spike in NEV sales over both the previous year and the previous quarter, which significantly improved the group's profitability and alleviate the pressure caused by the hike in upstream raw materials' prices.

In addition, thanks to the group's enhancement of cost control ability and adjustment of product structure, BYD's profitability in its handset components and assembly business was also improved in Q3, in spite of the general weak demands in the consumer electronics industry.