Suning profit soars on m-commerce growth
Chinese e-commerce firm Suning has announced a 216.2 per cent increase in net surplus for 2018.
The Suning profit was attributed to strong growth in online sales, saw net profits attributable to shareholders totalling RMB13.3 billion (roughly US$2 billion), according to the firm’s preliminary financial results for last year filed with the Shenzhen Stock Exchange.
The Nanjing-based company’s revenues also rose 30.5 per cent to RMB245.3 billion ($36.7 billion).
According to the filing, the firm took 94.9 per cent of its orders via mobile phones, with 407 million online users registered by the end of last year.
Suning, which operates 8881 physical stores throughout China, aims to boost its sales in third- and fourth-tier Chinese cities as well as neighbourhood markets this year.