(Yicai Global) March 27 -- Annual profit at Skyworth Group, the world's fourth-largest television maker, climbed 23 percent in 2019, capping off a year of strong growth in global markets but slowing turnover at home. The Chinese firm plans to invest more in overseas expansion this year.

Skyworth had a CNY1 billion (USD141 million) net profit in the year ended Dec. 31 on revenue of CNY37.3 billion (USD5.3 billion), a drop of 4.4 percent, according to its latest earnings report. The profit gain was due to business adjustments and a shift toward more high-end products such as set-top boxes with organic light-emitting diode screens.

The firm performed better overseas than it did on the Chinese mainland, with 4.9 percent growth in foreign markets compared with a 7.9 percent domestic drawback As a result, Skyworth has announced that it will step up investment abroad this year, with a particular focus on the Indian, Southeast Asian and African markets.

The Shenzhen-based company will also develop new business lines such as special-use displays, intelligent lighting, large logistics services and smart living devices, it added.

Revenue from smart TV sales jumped 50.2 percent last year to CNY826 million (USD116.5 million), though overall TV sales fell 13.3 percent to CNY21.5 billion. Turnover of its intelligent technology systems rose almost 12.6 percent to CNY9.6 billion.

Skyworth's total shipments fell 4 percent to 13.8 million units. But the global TV market expanded 0.4 percent to 240 million units, according to analytics firm Sigmaintell Consulting.

The Covid-19 epidemic has affected the company's business, Skyworth said. In January, it shipped just 610,000 sets, 48.3 percent less than in the same period the year before. The company has now resumed normal operations and domestic consumption is expected to rebound as the epidemic ebbs.

The firm's stock price [HKG:0751] closed down 1.72 percent today at HKD1.71 (USD0.22). The company's board has recommended that no 2019 dividend be paid and may buy back its own stock if appropriate, as its outlook for 2020 remains gloomy, the report added.

Editors: Zhang Yushuo, Kim Taylor