Transsion isn’t a household name in smartphones in much of the world. The Chinese manufacturer’s focus is emerging markets, especially Africa. Yet those international sales are helping the company to its increase market share and profits this year, according to two reports on Monday.
Net profit for the third quarter at Shenzhen-headquartered Transsion soared by 195% from a year earlier to nearly 1.8 billion yuan, or $247 million; earnings were helped by sales that increased by 39% to 18 billion yuan, Transsion said in a stock filing on Monday. For the first nine months of the year, net profit climbed by 72% year-on-year to 3.9 billion yuan, on sales that gained 19% to 43 billion yuan.
Transsion is led by Chinese billionaire Zhu Zhaojiang — also known as George Zhu, The entrepreneur is worth $1.8 billion on the Forbes Real-Time Billionaires List. The company went public at the Shanghai Stock Exchange in 2019 at 35.15 yuan a share. Its stock closed at 141.54 yuan today, and have risen by 131.7% in the past 12 months. Transsion’s brands include Tecno, itel and Infinix, as well as Carlcare for after-sales services, Oraimo for smart accessories, and Syinix for home appliances, according to the company’s website. Transsion has factories in China, Ethiopia, India and Bangladesh.
Transsion was the only top-five smartphone vendor in the world to gain market share in the third quarter, according to a report yesterday by research firm Canalys. Its share market share increased to 9% from 6% a year ago, tied for No. 4 globally during a time when overall smartphone shipments fell by 1%.
Samsung was No. 1 with a 20% share, Apple came in No. 2 with a 17% market share. China’s Xiaomi was third with a 14% market share and OPPO was fourth also with about 9%.
“Global macroeconomic and geopolitical uncertainties brought fragility into the nascent recovery and channel operations” in the smartphone industry, Canalys analyst Toby Zhu said in a statement.
Canalys’ forecasts suggest decelerating medium-to-long-term smartphone market growth, the company said. “We see vendors strategically rebuilding channel and component inventories to prepare for potential resurgent demand and supply chain cost hikes. The current short-term order surge alongside reduced supply capacity may cause component shortages, challenging planning and production.”
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