Lenovo Delivers Another Record Year by Crossing the US$70 Billion Revenue Milestone

By VARINDIA - 2022-05-26

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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