Fourth quarter profits were US$658 million, up 50.4%, and revenues were up 10.9%, up to US$10,208 million.
The Chinese mobile phone manufacturer Xiaomi obtained an attributable net profit of 17,475 million yuan (US$ 2,435 million) in 2023, which represents multiplying by seven (606.3%) the profits that the company recorded the previous year, according to It emerges from the accounts published this Tuesday by the multinational.
Xiaomi's turnover reached 270,970 million yuan (US$37,765.9 million), 3.2% below the revenue recorded twelve months earlier, while operating profit rose in line with profits by 610 .5%, up to 20,009 million yuan (US$ 2,788 million).
Specifically, smartphone sales reported Xiaomi revenue of 157,461 million yuan (US$ 21,945 million), 5.8% less than the previous year's figure, while the Internet of Things business advanced 0.4 %, up to 80,108 million yuan (US$ 11,165 million). Afterwards, internet services provided 30,108 million yuan (US$4,195 million), 6.3% more, and other income accounted for 3,294 million yuan (US$459 million).
Global smartphone shipments reached 145.6 million units, allowing the Chinese manufacturer to retain third position in the world with a market share of 12.8%.
According to the geographical origin of the income, 55.1% of it came from China, while the remaining 44.9% was generated outside the Asian 'giant', mainly in Europe and India. Just a year ago these figures were 50.8% for China and 49.2% for other countries.
For its part, the costs associated with sales amounted to 213,494 million yuan (US$ 29,755 million), 8.2% less, although R&D expenses grew by 19.2%, to 19,098 million yuan (US$ 2,662 million), and the administrative ones did the same by 0.3%, up to 5,127 million yuan (US$ 714 million).
In addition, sales and marketing costs fell 9.8% and stood at 19,227 million yuan (US$ 2,679 million). The sum of these concepts, after including accounting valuations and other minor charges, was 250,962 million yuan (US$ 34,977 million), 9.5% less.
In the fourth quarter of the year, Xiaomi saw net profit grow to 4,724 million yuan (US$ 658 million), 50.4% more, and revenues 10.9%, to 73,244 million yuan (US$ 10,208 million).
SHARE REPURCHASE
Xiaomi has reported that it will not distribute dividends for the year 2023 as it did not do so in 2022. However, during last year 126.6 million shares were repurchased for the equivalent of 1,517 million Hong Kong dollars (US$ 193.9 million ).
Between January and February 2024 alone, 138.1 million securities have been repurchased for 1,859 million Hong Kong dollars (US$237 million).
