BOE.A Collects $1.13 Billion in Q3 Net Profits for a YoY Increase of 441%

BOE Technology Group Co. Ltd. A. released its third-quarter financial report on Thursday night. The document shows that BOE.A’s revenue in the third quarter of the year was 55.993 billion yuan ($8.76 billion), a year-on-year increase of 46.77%. Meanwhile, net profits totaled 7.253 billion yuan ($1.13 billion), a year-on-year increase of 441.14%.

According to the announcement, the firm’s operating income increased by 72% year-on-year, mainly benefiting from the high prosperity of the industry in the first three quarters compared with the same period of last year, the upward price of major products, the release of production capacity of new projects and the change of the consolidation scope.

BOE.A’s net profits attributable to owners of the parent company in the first half of the year was 12.762 billion yuan, a massive year-on-year increase of 1023.96%. The operating income was 107.285 billion yuan, a year-on-year increase of 89.04%. The basic earnings per share is 0.363 yuan.

SEE ALSO: BOE’s Shipments Of Large Size LCD Panels Surpass LG, Now First in The World

At the same time, on October 29, BOE.A announced on the Shenzhen Stock Exchange that the company and Hefei BOE Vehicle Display Tech Co., Ltd. and Nianjia Investment Co., Ltd. plan to invest in a vehicle mounted display panel production base in China’s western city Chengdu, with a total investment of about 2.5 billion yuan. The annual output will reach around 14.4 million vehicle mounted display panels.

BOE Technology Group Co., Ltd. A., founded in 1993, is a provider of Internet of Things technology, products and services. The company’s core businesses include display and sensing devices, intelligent systems and health services.