CATL Posts 15% Surge in Net Profits Despite Revenue Decline for 2024

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AsianFin -- Chinese battery giant Contemporary Amperex Technology Co., Ltd. (CATL) reported a 15.01% jump in net profits for 2024, although revenues in the same period fell significantly.

The company's annual revenue dropped to 362 billion yuan (about US$ 52 billion), a decrease of 9.7%, marking the first negative growth in its operational track record . However, CATL's net profit surged by 15.01% year over year to 50.7 billion yuan, which translates to approximately 140 million yuan in daily earnings.

Operating cash flow for the year was robust at 97 billion yuan, and the company's monetary funds exceeded 300 billion yuan, allowing CATL to declare a cash dividend of 45.53 yuan per 10 shares, with total dividends nearing 20 billion yuan.

Despite a decrease in revenue, CATL maintained its dominance in the electric vehicle (EV) battery market in 2024 by securing a 37.9% global market share for EV batteries, marking its eighth consecutive year in the top spot. Additionally, its energy storage battery shipments accounted for 36.5% of the global market, holding its leadership position for the fourth straight year.