How do you make RMB16 billion by manufacturing refrigerators during a recession? Not an easy question to answer unless you are Qingdao-based white goods maker Haier, which has just announced that its 2009 net profit rose 49.64 per cent to RMB1.15 billion.
Haier achieved RMB16.28 billion of its RMB33 billion 2009 revenues by selling refrigerators, plus RMB8.65 billion from air conditioning unit sales and RMB2.71 billion from freezer appliances, according to its annual report released to the Shanghai Stock Exchange.
One reason cited for the increased sales during the global recession was the Chinese government’s RMB6.3 billion rural subsidy programme which was designed to boost purchases of home goods such as televisions, refrigerators and washing machines in poorer rural areas. “We will continue to expand our sales network especially in the rural areas,” says the Haier report.
The Qingdao headquartered appliance maker, which employs around 60,000 people worldwide, was last year ranked as the world’s leader in refrigerator sales, with a 12.4 per cent of global sales, according to Euromonitor International.
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Haier Profits Rise on Refrigerator Sales Boom
How do you make RMB16 billion by manufacturing refrigerators during a recession? Not an easy question to answer unless you are Qingdao-based white goods maker Haier, which has just announced that its 2009 net profit rose 49.64 per cent to RMB1.15 billion.
Haier achieved RMB16.28 billion of its RMB33 billion 2009 revenues by selling refrigerators, plus RMB8.65 billion from air conditioning unit sales and RMB2.71 billion from freezer appliances, according to its annual report released to the Shanghai Stock Exchange.
One reason cited for the increased sales during the global recession was the Chinese government’s RMB6.3 billion rural subsidy programme which was designed to boost purchases of home goods such as televisions, refrigerators and washing machines in poorer rural areas. “We will continue to expand our sales network especially in the rural areas,” says the Haier report.
The Qingdao headquartered appliance maker, which employs around 60,000 people worldwide, was last year ranked as the world’s leader in refrigerator sales, with a 12.4 per cent of global sales, according to Euromonitor International.
This entry was posted on Saturday, May 22nd, 2010 at 7:47 am and is filed under News commentary. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.