Shanghai (ZXZC)- Chongqing Changan Automobile Co., Ltd. ("Changan Automobile"), one of the major Chinese automobile groups, is likely to see its 2022 annual net profit attributable to shareholders zoom up 105.49%-144.9% from a year earlier.

According to the announcement issued on Tuesday, Changan Automobile anticipated an annual net profit belonging to shareholders of 7.3 billion yuan-8.7 billion yuan ($1.081 billion-$1.288 billion), significantly rising from the net profit of 3.552 billion yuan ($526.127 million) earned in 2021.

After deduction of non-recurring profit and loss, the group’s annual net profit is estimated to be 3.9 billion yuan-5.3 billion yuan ($577.598 million-$784.941 million) in 2022, which should zoom up 135.97%-220.67% over a year earlier.

Photo credit: Changan Automobile

Basic earnings per share for the year of 2022 are projected to be 0.74 yuan-0.89 yuan ($0.11-$0.13), versus the 0.36 yuan ($0.053) for the year-ago period.

Changan Automobile said the robust year-on-year growth in its annual net profit resulted from the continued improvement in the profitability of its self-owned brands’ businesses. Nevertheless, its major joint ventures faced a substantial decline in investment return last year as their business scale and benefits were largely affected amid the corporate strategic transition period.

In the year 2022, Changan Automobile’s annual auto sales amounted to 2,346,151 vehicles in total, edging up 1.98% year on year.

Last year, auto sales of the automaker’s wholly-owned brands summed up to 1,874,569, rising 6.83% year over year. As to the group’s joint ventures, Changan Ford and Changan Mazda sold 251,019 vehicles and 104,032 vehicles last year, respectively, which reflected a subsequent 17.61% and 21.43% slip year-on-year.