Chinese company Xiaomi yesterday announced its financial results for the year-end as of December 31, 2019. The company declared a solid growth across all business segments. The group’s total revenue exceeded RMB 200 billion for the first time, reaching RMB 205.8 billion. That is 17.7 percent year-on-year representing a 9-year CAGR of 112 percent. The Adjusted Net Profit was RMB 11.5 billion, up 34.8 percent YoY. Also Read - Xiaomi to announce 22 products during Mi Fan Festival; will mark 10 year anniversary
In the fourth quarter of 2019, Xiaomi’s total revenue grew by 27.1 percent to RMB 56.5 billion. The adjusted net profit was RMB2.3 billion, increasing by 26.5% YoY. In 2019, Xiaomi’s total revenue was approximately RMB 205.84 billion, up 17.7 YoY beat market consensus. The company’s gross profit was approximately RMB 28.55 billion, up 28.7 percent YoY. The company’s non-IFRS adjusted net profit was RMB 11.53 billion, up 34.8 percent YoY, beat market consensus. Per-share, Xiaomi’s earnings were RMB 0.0423. Meanwhile, the aggregate amount of cash resources was RMB 66 billion. Also Read - Xiaomi, Poco and Oppo phones get a price hike in India: Here's why
Watch: Top 5 smartphones under Rs 20000
Xiaomi’s financial figures in Q4 2019
In just Q4 2019, Xiaomi’s total revenue was high at RBM 56.47billion, up 27.1 percent YoY, being the best quarter of the year. Gross Profit was approximately RMB 7.84 billion, up 38.5 percent YoY. Non-IFRS adjusted net profile was RMB 2.34 billion, up 26.5 percent YoY. Also Read - Xiaomi pledges to donate Rs 15 crore to battle against Coronavirus outbreak in India
“Despite headwinds from the Sino-US trade war and global economic downturn, Xiaomi stood out in 2019 with a commendable set of results as our revenue exceeded RMB200 billion for the first time. We also celebrated several key milestones, ranging from the successful launch of our dual-brand strategy as Xiaomi and Redmi are spun-off and independently operated, the affirmation of ‘5G+AIoT’ as our strategic roadmap, to our inaugural entries into the prestigious ranks of the Fortune Global 500 and BrandZ’s Top 100 Most Valuable Global Brands,” said Xiaomi Chairman and CEO Lei Jun.
In 2019, Xiaomi’s revenue of the smartphone segment reached RMB 122.1 billion, up 7.3 percent year-over-year. In the fourth quarter of 2019, revenue of the smartphone segment was RMB30.8 billion, an increase of 22.8 percent year-over-year. For 2019, Xiaomi shipped 124.6 million units of smartphones while in the fourth quarter, shipments were approximately 32.6 million, up 30.5 percent year-over-year. According to Canalys, for the fourth quarter of 2019, Xiaomi achieved the highest year-over-year smartphone shipment growth among the top five smartphone companies.
“While the entire world is still under the dark shadows of COVID-19, we have maintained our keen focus on efficiency to tide over this economic ‘black swan’ with everyone. At Xiaomi, we firmly believe that our long-term business success is underpinned by technological innovations, and to that effect, we plan to invest RMB50.0 billion in the next five years, as we relentlessly focus on technological innovation and user experience to grow our loyal Mi Fan base. Overall, we remain committed to using technology to connect and improve lives everywhere in the future,” Lei Jun added