The Thailand Board of Investment (BOI) announced today it has approved a 13.5 billion baht (USD 400 million) investment promotion application by Haier Appliance Manufacture (Thailand) Co., Ltd., a unit of China’s Haier Smart Home Co., Ltd., to set a factory that will produce annually six million smart air conditioners and bring extensive economic benefits.
Category Archives: Financial
Hisense profit jump
Hisense Home Appliance’s profit rose 34.6% to 2.02 billion yuan in the first half of this year, propelled by the company’s rapid overseas growth
Midea to raise at least $3.5 billion in Hong Kong
Midea ‘s IPO has started on the Hong Kong stock exchange. The group’s shares were listed only on the Chinese Shenzen stock exchange, where many investors prefer not to buy. The entry into the Hong Kong stock exchange would put Midea on the same level as other large listed groups: Whirlpool or Electrolux as a group investable in electronics and household appliances. Midea is expected to raise at least $3.5 billion with this share issue. It is the largest IPO in Hong Kong since 2022.
Midea is currently valued at 432 billion yuan, 54 billion euros, nearly 12 times Whirlpool and 24 times Electrolux . The stock has grown 15% over the course of 2024.
Sabaf increased its turnover
Turnover: +25%. Margins: +47%. Best second quarter in history thanks to new plants in India and Mexico
In the first half of the year, Sabaf increased its turnover by 24.5%, reaching 143 million euros. The trend in sales and the portfolio in the coming months, the company reports to Il Sole 24 Ore , are projecting the turnover towards an all-time record, thanks to the new production units in Mexico and India and to the components for induction cooking.
China’s Midea Cuts Stake in Xiaomi
Midea Group, the world’s biggest maker of home appliances, has pared its stake in Chinese electronics giant Xiaomi to raise funds for its ongoing overseas expansion, according to investment industry experts, who noted that it is a normal part of corporate activity.
Midea Group grows 10% in H1, surpasses 200 billion yuan
The first half of 2024, Midea Group ‘s revenue exceeded 200 billion yuan, reaching 218.1 billion yuan (27.54 billion euros), an increase of 10%. Even better, profits rose by 14% to 20.8 billion yuan (2.6 billion euros).
Domestic sales increased 8% while exports rose 13%. In the half year, Midea invested 7.66 billion yuan in its 17 R&D centers, up 16%, and produced 5,000 patents.
China Appliance export increase
From March 2023 to July 2024, China’s home appliance exports have achieved year-on-year growth for 17 consecutive months.
Data released by the Chinese General Administration of Customs showed that in the first seven months of this year, domestic home appliances exports totaled 409.19 billion yuan, a year-on-year increase of 18.1%, 11.4 percentage points higher than the overall national export growth rate
JB Hi-Fi Group to acquire E&S Trading
JB Hi-Fi Group has entered into an agreement to acquire E&S Trading , an Australian-owned family business retailer specialising in kitchen, bathroom, and laundry appliances.
The initial acquisition is of 75% for cash consideration of $47.8 million on a cash-free/debt-free basis with a put and call option arrangement for the acquisition of the remaining 25% in September 2029
Arcelik profit fall
Shares in Arcelik are down 3.54% after Turkish household appliances manufacturer reported Q2 loss
Arcelik reports Q2 net loss of 432.4 million lira ($13.04 million) compared to profit of 1.61 billion lira year ago
Electrolux returns to profit but no rebound expected at year-end
The Group’s losses in the US have been reduced but the market in Europe is still weak with the sole exception of Built-in Electrolux’s turnover increased 7% in the second quarter, from SEK 32.6 billion to SEK 33.8 billion (EUR 2.91 billion), “driven by higher volumes in all business areas”, the company said in a statement.
The Swedish group revises its operating profit: 0.42 billion crowns (36 million euros) corresponding to a margin of 1.2% which becomes 0.52 excluding non-recurring items. What happened? On the one hand, the cost measures are starting to be felt and have contributed 300 million crowns, on the other hand, the loss of the activities in North America has significantly reduced. Latin America has developed strongly but in Europe the market is still weak with the sole exception of Built-in .all is well? Not quite: CEO Jonas Samuelson warns that the group has “ revised the outlook for market demand in Europe, Asia-Pacific for the full year 2024 from neutral to negative we expect a negative price trend for the full year 2024, with a negative impact also on the second half. Increasing investments in marketing to capitalize on the momentum of our attractive product offering are producing good returns and, as in the second quarter, we plan to increase investments in innovation and marketing in the second half of 2024. ”
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