Geely says 2018 net profit climbs 18%

Geely’s emblem is seen at the IEEV New Energy Vehicles Exhibition in Beijing. (Reuters pic)

BEIJING: China’s Geely Automobile Holdings said on Thursday higher sales drove its 2018 net profit up 18%, even as growing political uncertainty affected overall domestic demand.

The company, which is China’s most globally high-profile car maker thanks to the Geely group’s investments in European manufacturers Volvo and Daimler, posted a full-year net profit of 12.55 billion yuan (US$1.88 billion), up from the previous year’s 10.63 billion yuan.

That compared with the 12.8 billion yuan average estimate of 34 analysts, according to Refinitiv data.

Total revenue for the year was 106.60 billion yuan, up from 92.76 billion yuan in 2017, it said. That slightly missed the 108.59 billion yuan estimated by analysts, according to Refinitiv data.