China’s top air-conditioner maker sees revenue surge in 2018

Gree Electric Appliances has reported a 33-percent year-on-year surge in revenue in 2018. Its revenue from last year totaled 200.02 billion yuan (USD 29.71 billion), almost doubling that of 2015. Net profit attributable to shareholders hit 26.2 billion yuan in the period, up about 17 percent year-on-year. The company’s revenue from air conditioners rose 26 percent to 155.68 billion yuan despite a scant 4.5-percent growth of the entire air-conditioner market. While maintaining rapid growth in its main business last year, the company also registered stellar performance on the sales of smart equipment and home appliances, up 46 percent and 65 percent respectively. With hefty profits in 2018, the company plans to pay investors 15 yuan with tax in cash dividends for every 10 shares owned, a huge bonus topping 9 billion yuan in total to all stock investors upon approval by its general meeting of shareholders.

Meanwhile, with another 3.61-billion yuan dividend promised in the company’s semi-annual report, its dividend payout will amount to 12.6 billion yuan altogether in 2018, notching a record high. In 2018, the company’s air conditioner sales for home use remained the largest in China for the 24th consecutive year, while sales for central air conditioners were the largest for the seventh year running.

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