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CATL Q3 net profit reaches $3.16 billion, with growth trailing revenue

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CATL Q3 net profit reaches $3.16 billion, with growth trailing revenue

CATL (HKEX: 3750), the world's largest electric vehicle battery maker, reported higher third-quarter net profit from a year earlier, but earnings fell from the second quarter as profit growth failed to keep pace with its business expansion.

Net profit attributable to shareholders rose 14.54% year-on-year to 21.25 billion yuan ($3.16 billion) in the third quarter, according to financial results CATL released on Tuesday.

That was down 5.77% from 22.55 billion yuan in the second quarter, CnEVPost calculations show.

Third-quarter revenue rose 58.58% year-on-year to 165.22 billion yuan. Net profit attributable to shareholders excluding non-recurring gains and losses increased 14.86% to 18.86 billion yuan.

For the first 9 months of the year, CATL's net profit attributable to shareholders rose 31.60% year-on-year to 64.53 billion yuan, while revenue increased 56.19% to 442.14 billion yuan.

The company attributed its revenue growth over the period to business expansion. However, cost of sales rose faster than revenue, increasing 61.61% to 341.7 billion yuan.

Gross margin for the first 9 months was 22.72%, down about 2.59 percentage points from 25.31% a year earlier, according to calculations based on revenue and cost of sales in the financial report.

Research and development expenses rose 22.89% year-on-year to 18.52 billion yuan over the same period. Investment income increased 73.11% to 9.07 billion yuan, which the company said mainly reflected its share of investee companies' net profits.

Despite the earnings growth, net cash generated from operating activities fell 23.60% year-on-year to 61.63 billion yuan in the first 9 months.


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