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

BEIJING - Gree Electric Appliances, China's leading air conditioner manufacturer, reported a 33 percent year-on-year surge in revenue in 2018.

Its revenue from last year totaled 200.02 billion yuan ($29.71 billion), almost doubling that of 2015, the Guangdong-based firm said in its annual report filed with the Shenzhen Stock Exchange.

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, the report said.

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 a 24th consecutive year, while sales for central air conditioners were the largest for the seventh year running.