BOE Technology’s Net Profit Increases 10x in First Half of 2021

boe
(Source: BOE)

On Monday, Chinese electronic components firm BOE reported that its revenue in the first half of the year was 107.285 billion yuan ($17 billion), a year-on-year increase of 89.04%. Its net profit attributable to shareholders was 12.762 billion yuan, a year-on-year increase of 1023.96%.

According to the Beijing-based provider of semiconductor display technology, products and services, the company’s revenue growth was mainly due to this year’s continuous upward trajectory of the industry, the increase in price of major products, in addition to the increase of production capacity of new projects.

Founded in 1993, BOE focused on semiconductor displays, Mini LEDs, sensors and solutions, intelligent system innovations and intelligent medical solutions.

In the first half of this year, the market share of BOE LCD smart phones, tablet computers, notebook computers, monitors and televisions continued to rank first in the world, while the sales volume of display devices increased by 18% year-on-year. The revenue of display products accounts for 97.57% of the company’s revenue in the first half this year, while the revenue of other businesses accounted for less than 1%.

According to the latest report released by Guo MingJi, an Apple analyst at TF International Securities, BOE will become a new supplier of Mini LED display for Apple MacBook Air.

BOE’s most recent report also mentions that the sales volume of medical images in the sensing business department increased by 51% year-on-year, and those images have been mass-produced and shipped to high-end medical device companies in Europe, America, Japan and South Korea.

SEE ALSO: Chinese Electronic Components Firm BOE Technology Achieves Record Profits in First Half of 2021

The company also announced a share repurchase plan in which it plans to repurchase 350 million to 500 million shares with a maximum price of 8.5 yuan per share, accounting for about 0.91% to 1.30% of the company’s total shares.

Monday’s report also unveiled that Hefei BOE and other two firms from Qingdao jointly invested 8.17 billion yuan to build a mobile display device production base in Qingdao. The modules produced will be mainly used for electronic products such as smart phones, tablet computers and notebook computers.