(Yicai Global) Jan. 17 -- Dong Mingzhu, one of China's best known businesswomen, has been re-elected as chair of Gree Electric Appliances after the world's largest manufacturer of air conditioning units estimated it grew profit by around 20 percent last year.
Zhuhai-based Gree made the announcement in a statement yesterday. Dong, 64, joined the company as a sales rep in 1990 before taking charge as president in 2007, becoming one of the country's most successful female executives in the process.
The firm forecast its 2018 revenue at between CNY200 billion (USD29.4 billion) and CNY201 billion -- 30 percent higher than 2017 and matching up neatly with the target Dong vowed to focus on when she quashed retirement rumors in the middle of last year. Gree estimates net profit rose between 16 percent and 21 percent to around CNY26.5 billion.
Gree attributes its success to a bumper year for the sector, an optimized management structure and enhance profit margins leveraging its brand and distribution channels.
The company plans to set up four major units over the next five years to cover its main market segments, air conditioners, home appliances, high-end equipment and communications devices, Dong said at the shareholders' meeting yesterday.
It still hopes to grow revenue by at least 10 percent each year and be pulling in as much as CNY600 billion in 2023, which would need an average 25 percent gain over the next five years.
Editor: James Boynton