Biz / Tech

Midea and Gree post robust profit growth

Home appliance makers tap booming market demand to increase net profit and revenue

Home appliance giants Midea and Gree both reported robust growth in net profit in the first half of the year as they tapped the booming market demand, the firms said statements today (Thursday).

Shenzhen-listed Gree, the country’s biggest air-conditioner maker, saw a 48 percent rise in net profit to 9.45 billion yuan (US$1.39 billion) in the first six months. Revenue jumped 40 percent to 70.0 billion yuan as the company tapped the demand for air-conditioners, home appliances and smart devices.

Net profit for Midea, also listed on the Shenzhen stock market, surged 13.9 percent to 10.8 billion yuan in January to June. Revenue soared 60.5 percent from a year ago to 124.5 billion yuan.

Midea-owned robot maker Kuka, whch it acquired in 2016, contributed net profit of 451 million yuan, a 98-percent jump from a year ago.

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