Shanghai (Gasgoo)- SAIC Group gained revenue of RMB 238.83 billion in the first quarter, jumping 21.7% year on year. The net profit rose 17.5% year on year to RMB 9.71 billion, according to SAIC Group's Q1 report released on Apr. 28. After deducing extraordinary earnings, the net profits attributable to parent companies reached RMB 8.83 billion with an increase of 8% over the previous year.
According to the report, the revenue growth was mainly driven by the group's YoY sales growth. SAIC Group gained a solid gross profit rate of 14.5%, which can be attributed to the strong life cycle of its models and little fluctuation of delivery prices.
Although the Chinese auto industry underwent slow growth rate this year, SAIC Group still retained last year's growth momentum and gained rapid revenue growth. In the first quarter, sales of the passenger vehicles reached 1,822,000 units with a YoY growth of 10.1%, which is 2.6% higher than the average growth of auto industry.
SAIC Passenger Vehicle and SAIC-GM posted most striking sales performance during the first quarter. Specifically, SAIC Passenger Vehicle boasted Q1 sales surge of 54%, keeping the same robust growth momentum as that of 2017. Moreover, the popularity of middle- and high-end models contributed largely to the sales growth of GM brand.
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