Lenovo Delivers Another Record Year by Crossing the US$70 Billion Revenue Milestone
Lenovo Group (HKSE: 992) (ADR: LNVGY) today announced record fiscal year results for the Group, with historic highs for both profit and revenue. Annual net income reached the US$2 billion mark, up 72% year on year, with revenue growing by US$10 billion for the second year running to over US$71 billion. All main business groups were profitable for the full fiscal year – with strong growth momentum in mobile, infrastructure, and solutions and services businesses.
Lenovo successfully overcame macro-environmental challenges and demonstrated both agility and resilience as it navigated industry-wide supply shortages, pandemic disruption, geopolitical uncertainties, and higher inflation to deliver a record year.
The digital and intelligent transformation trend continues to accelerate, presenting the Group with strong growth opportunities. More than 50% of companies now have digitalization as part of their corporate strategy, up from just over one-third two years ago. The hybrid work model is a long-term change that will continue to drive strong demand not only for smart devices and data center infrastructure, but also for scenario-driven solutions such as smart collaboration, smart home, and smart office.
Lenovo continued to strengthen its competitiveness to drive sustainable profitable growth. It has already made strong progress toward doubling R&D investments within three years from fiscal year 2021/2022, up 43% year on year to US$2 billion. And will continue to realize its ESG goals and commitments. The company is confident that by leveraging its clear strategy, competing with its unique competitive advantage of global-local model, and the right balance between innovation and efficiency, it can overcome any challenges to capture opportunities.
Lenovo’s Board of Directors declared a final dividend of 3.8 US cents or 30.0 HK cents per share for the fiscal year ended March 31, 2022.
Financial Highlights:
|
|
FY 21/22 US$ millions |
FY 20/21 US$ millions |
Change
|
|
Q4 21/22 US$ millions |
Q4 20/21 US$ millions |
Change
|
|
Group Revenue |
71,618 |
60,742 |
18% |
16,694 |
15,630 |
7% |
|
|
Pre-tax income |
2,768 |
1,774 |
56% |
520 |
380 |
37% |
|
|
Net Income (profit attributable to equity holders) |
2,030 |
1,178 |
72% |
412 |
260 |
58% |
|
|
|
|
||||||
|
Basic earnings per share (US cents) |
17.45 |
9.54 |
7.91 |
3.52 |
2.19 |
1.33 |
|
Chairman and CEO quote – Yuanqing Yang says, “Although last year was challenging for the world, with the accelerated global digital and intelligent transformation, Lenovo delivered a record year of profit and revenue,” said Yuanqing Yang, Lenovo Chairman and CEO. “All our main businesses are now profitable for the full year, and our new growth engines – SSG, ISG and Mobile – are showing strong momentum. We will capture this window of opportunity, double our R&D investment, drive service-led transformation, realize our ESG goals, and stay flexible and resilient to bring the entire company to new heights.”
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