29 Apr Hikvision sustains continued growth in 2020 financial results
Hikvision has generated a total revenue of $9.78 billion for fiscal year 2020, having achieved a year-over-year (YoY) growth of 10.14%. Net profits attributable to shareholders of the company was $2.06 billion reflecting YoY growth of 7.82%.
Hikvision also reported its first quarter of 2021 revenues to be $2.15 billion, representing a YoY increase of 48.36%. Net profits attributable to shareholders of the company in the first quarter was $334.09 million representing a YoY growth of 44.99%.
In 2020, Hikvision further expanded its investment in R&D with spending of more than $982 million. The R&D expense ratio has continuously increased over the past few years, from 7.62% in 2017 to 8.99% in 2018, 9.51% in 2019, and 10.04% in 2020.
Technological innovation has been the key area of focus driving the successful development of the company, and Hikvision says it will continue providing more innovative technologies, products and solutions to help increase safety, operational efficiency and sustainability in communities, companies and global societies.
As new external uncertainties emerged in 2020, Hikvision worked closely with partners and suppliers globally to maintain stability and integrity in its supply chain, enhance its intelligent manufacturing processes, and optimise delivery efficiencies, as well as ensure reliable business development.