Leoch International chief says group 'focused on expansion including new batteries'
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Leoch will continue to invest in batteries for applications in the 5G telecoms sector.
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China-based lead batteries firm Leoch International Technology said its business "exceeded expectations” over the past year, as it posted a profit despite the impact of Covid-19 on domestic and overseas markets.
The group posted a net profit of CNY 138m (£15.3m) for the financial year ended December 2020, compared to CNY 127.5m in the previous year.
Chairman Dong Li said Leoch is now focused on further expansion and investment, including new lead and lithium battery products.
Increased revenue
Revenue from the group’s starter battery sales increased to CNY 2.9bn for the financial year ended December 2020, an increase of nearly 17% over the previous year. Starter batteries accounted for around 34.6% of total battery sales revenue.
Leoch’s power battery business, including but not limited to electric vehicles, electric forklifts and other battery power product applications, posted sales of just over CNY 1.1bn – an increase of 33.7% over 2019 and accounting for about 13.4% of total battery sales revenue.
Meanwhile, revenue from lead recycling increased by nearly 35% in 2020 to CNY 1.3bn, compared to the previous year.
Smelting expansion
Dong said the increase was helped by the group’s completion of work to expand its smelting capacity to 200,000 tons per annum and improved environmental protection measures.
"With the completion of the technical upgrade, our recycling plant has adopted and mastered advanced oxygen-enriched side-blown smelting furnace technology,” Dong said.
Leoch has also established a nationwide recycling network, to "continuously promote the sale and collection of new and used batteries”.
New products
Dong said the group continued to "work closely with international and domestic battery experts and research institutions” for R&D; on a range of new technologies and products, including AGM batteries and products for the marine and rail sectors.
Leoch is also preparing to launch new products targeting the "smart cars and autonomous driving market”. Dong said the company would "continue to invest” in the development of lead-acid batteries and lithium batteries for various applications serving 5G mobile telecoms networks.
The group posted a net profit of CNY 138m (£15.3m) for the financial year ended December 2020, compared to CNY 127.5m in the previous year.
Chairman Dong Li said Leoch is now focused on further expansion and investment, including new lead and lithium battery products.
Increased revenue
Revenue from the group’s starter battery sales increased to CNY 2.9bn for the financial year ended December 2020, an increase of nearly 17% over the previous year. Starter batteries accounted for around 34.6% of total battery sales revenue.
Leoch’s power battery business, including but not limited to electric vehicles, electric forklifts and other battery power product applications, posted sales of just over CNY 1.1bn – an increase of 33.7% over 2019 and accounting for about 13.4% of total battery sales revenue.
Meanwhile, revenue from lead recycling increased by nearly 35% in 2020 to CNY 1.3bn, compared to the previous year.
Smelting expansion
Dong said the increase was helped by the group’s completion of work to expand its smelting capacity to 200,000 tons per annum and improved environmental protection measures.
"With the completion of the technical upgrade, our recycling plant has adopted and mastered advanced oxygen-enriched side-blown smelting furnace technology,” Dong said.
Leoch has also established a nationwide recycling network, to "continuously promote the sale and collection of new and used batteries”.
New products
Dong said the group continued to "work closely with international and domestic battery experts and research institutions” for R&D; on a range of new technologies and products, including AGM batteries and products for the marine and rail sectors.
Leoch is also preparing to launch new products targeting the "smart cars and autonomous driving market”. Dong said the company would "continue to invest” in the development of lead-acid batteries and lithium batteries for various applications serving 5G mobile telecoms networks.