Shanghai (ZXZC)- BYD Company Limited ("BYD") announced on Monday its annual net profit attributable to shareholders in 2022 was anticipated to zoom up 425.42% to 458.26% year on year.

According to the company's announcement, BYD's full-year net profit belonging to shareholders is expected to stand between 16 billion yuan ($2.369 billion) and 17 billion yuan ($2.517 billion) last year, versus the net profit of 3.045 billion yuan ($450.859 billion) for the year of 2021.

Photo credit: BYD

Excluding the impact of certain non-recurring gains and losses, BYD is likely to record an annual net profit of 15.1 billion yuan-16.3 billion yuan ($2.236 billion-$2.413 billion) in 2022, which should rocket 1,103.55%-1,199.20% from the previous year.

Additionally, the company noted its full-year revenue was forecasted to exceed 420 billion yuan ($62.184 billion) last year.

BYD said the year-on-year spike (+208.64%) in its 2022 new energy vehicle (NEV) sales, which came in at 1,863,494 units, contributed to its remarkable profitability improvement in a big way and also eased the pressure on costs caused by the rise in upstream raw materials’ prices.

The handset components and assembly business was under the pressure to gain profit due to the weak demands of the consumer electronics industry last year, but it still sustained a stable and healthy development thanks to the increase in major overseas clients’ share and the improvement of relevant business structures, said the company.