Hikvision Releases Financial Results, Indicates Sustained Growth for Fiscal Year 2020, Q1 2021
Hikvision released full-year 2020 and first quarter 2021 financial results that indicate sustained growth for 2020 and Q1 2021. The financial reports show Hikvision generated a total revenue of $9.78 billion (RMB 63.50 billion) for fiscal year 2020, having achieved year-over-year (YoY) growth of 10.14%. Net profits attributable to shareholders of the company was $2.06 billion (RMB 13.39 billion), reflecting YoY growth of 7.82%.
“As for the business in the United States, while the challenges remain, the improving economy definitely boosts our confidence. But regardless of when the market regains a sense of normalcy, we are dedicated and committed to continue to serve our supportive partners throughout this time,” said Tony Yang, President, Hikvision USA, in the press release.
Hikvision reported first quarter 2021 revenues of $2.15 billion (RMB 13.99 billion), representing a YoY increase of 48.36%. Net profits attributable to shareholders of the company in the first quarter was $334.09 million (RMB 2.17 billion) representing a YoY growth of 44.99%.
Hikvision further expanded its investment in R&D with spending of more than $982 million (RMB 6.38 billion) in 2020. Technological innovation has been the key area of focus driving the development of the company. Hikvision will continue providing innovative technologies, products and solutions to support business intelligence, operational efficiency and sustainability in communities.
As external uncertainties emerged in 2020, Hikvision worked closely with partners and suppliers globally to maintain stability and integrity in its supply chain, enhance its intelligent manufacturing processes, and optimize delivery efficiencies, as well as ensure reliable business development.
Read the full press release.