HONG KONG (Dow Jones)--Carmaker China Great Wall Motor Co. (2333.HK) said Monday its 2005 net profit rose 9.4%, lifted by a surge in exports to eastern Europe and the Middle East.
Net profit for the year ended Dec. 31, 2005 totaled CNY441.0 million, up from CNY402.9 million the previous year. Revenue rose to CNY3.81 billion from CNY3.18 billion. Hebei-based company recommended a final dividend of 10 fen a share, unchanged from the previous year.
Great Wall Motor, which manufacturers mainly pick-up trucks and sport utility vehicles, attributed the rise in its profits to robust export performance and signs of recovery in the Chinese auto industry, which had been in the doldrums for several years.
The company sold 57,198 vehicles in 2005, up more than 20% from the previous year, with revenue from auto sales rising 23% to CNY3.58 billion.
During the year, Great Wall Motor exported 14,326 vehicles, nearly quadrupling from 2004 and accounting for 25% of total sales volume. About 80% of all exports were pick-up trucks.
"We will continue exploring various overseas markets with an aim of achieving a 50-50 domestic and overseas sales mix in 2008," said Great Wall Motor Chairman Wei Jian Jun.
The company's major export markets are in Russia, Iraq, Ukraine, Saudi Arabia and Algeria