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November 1, 2017

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Midea sees 61% jump in revenue

HOME appliance giant Midea Group posted a 60 percent jump in revenue in the first three quarters amid a booming air conditioner business and as it expanded in the robot sector after accquiring Germany-based Kuka.

The Shenzhen-listed company's revenue surged 60.6 percent to 186.9 billion yuan (US$28.2 billion) in the first nine months while net profit grew 17 percent year on year to 15 billion yuan.

The company is expected to benefit from the booming home appliance demand and aggressive globalization strategy to boost its revenue to 240 billion yuan for 2017, Guotai Junan Securities said in a note yesterday.

In the three quarters, Midea’s home appliance business’ revenue rose 39 percent annually to 156.4 billion yuan.

Kuka contributed 19.8 billion yuan in revenue to Midea in the period, up 27 percent.

In 2016, Midea paid 4 billion euros (US$4.64 billion) to acquire Kuka.


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