Lenovo profit climbs to an “all-time high” of US$1.17b in 2021

This reflected a 77% increase compared to the previous year.

Tech firm Lenovo Group Limited posted an “all-time high” 77% year-on-year increase to US$1.17b in the year ended March 2021 from US$665m in the previous year.

The Group attributed the increase to the “consistent profit expansion across three business groups and successful execution of the Intelligent Transformation strategy,” according to its annual report.

Revenue during the year rose 20% to US$60.74b from US$50.71b.

During the quarter ending in March 2021, the Group saw its profit surge 512% YoY to US$260m from only US$43m. Revenue during the quarter increased 48% YoY to US$15.63b in 2021 from US$10.57b.

“Last quarter, we delivered our fastest growing quarter in almost a decade and closed the fiscal year with the new milestone of passing US$60b in revenue and significant growth in profit to a new record,” Chairman and CEO Yuanqing Yang said.

“These historic highs were achieved by leveraging our core competencies of a clear strategy, innovative products, operational excellence, and global-local model to meet the new needs in the New Normal.” 

Revenue from its PC and Smart Devices increased 22% YOY to US$48.5b; whilst its Mobile Business Group and Data Center Group grew 9% YoY to US$5.7b and 15% YoY to US$6.3b, respectively.

This year, the Group said, it will continue to bank on recovery-led opportunities. In line with this, it recently announced the creation of the Solutions & Services Group to enhance its services.