Home appliance giant Midea reports 10% revenue increase in Q1

GUANGZHOU - Chinese home appliance giant Midea Group saw its revenue rise 10 percent year-on-year to 106.5 billion yuan ($14.99 billion) in the first quarter of 2024, the company said on Monday.

It was its highest quarterly revenue since the second quarter of last year, when it raked in 101.2 billion yuan, Midea said in a quarterly report.

The company raked in 9 billion yuan in net profit attributable to shareholders in the January-March period, up 12 percent year-on-year, it noted.

Midea has been expanding its new overseas channels and markets, and advancing its localized services. In the first quarter of 2024, the company's overseas e-commerce retail sales increased by approximately 60 percent year-on-year.