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Profit up 21% Year-on-Year

March 26, 2016

Revenue for Midea Group Co Ltd. (000333.SZ) in 2015 was RMB 139 billion (US$22.3 billion). Earnings per share were at RMB2.99 (US$0.48) and net profit attributable to shareholders was RMB12.7 billion (US$2 billion), a year-on-year increase of 21 percent, according to Midea’s annual report, which was published Friday.

 

Last year Midea, which has long been a highly successful original equipment manufacturer, increased investment in research and development, innovation, and brand building. The gross margin ratio was 25.92 percent, up 0.46 percentage points on the previous year.

 

 

The group maintained its status as an industry leader in several product categories. The refrigerator business pulled in RMB 11.4 billion (US$1.75 billion), a year-on-year increase of 17 percent; the washing machine business saw revenue of RMB 12 billion (US$1.84 billion), a year-on-year increase of 20 percent; the small appliances business earned RMB 35.4 billion (US$5.43 billion), a year-on-year increase of 8 percent.

 

In ecommerce, Midea was China’s top home appliances brand, with revenue of RMB 16 billion (US$2.46 billion), leading the way in eleven product categories. Strategic cooperation with ecommerce giants JD and Alibaba helped Midea to one of the most lucrative days in its history on November 11.

 

With its stability and high dividends, Midea Group has proved highly rewarding to shareholders. It plans to distribute a cash dividend of RMB12 (tax included) for every 10 shares of all shareholders resulting in a total cash dividend payment of RMB5.1billion, and meanwhile increase shares by converting capital reserves into share capital on the basis of 5 shares for every 10 shares.

 

 

 

Market cap exceeded US$20 billion, doubling since September 2013, bringing substantial long-term benefits for the shareholder.

With its large integrated logistics platform, Midea scored many major achievement in the past year, including the launch of the Mission air conditioner on four continents; the establishment of its first R & D center in the United States; and entry into the Forbes 500. 

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