News

GRG records strong overseas revenues in 2011

April 13, 2012

Overseas revenue for GRG Banking increased 243 percent from 2010 to 2011, netting the company 404 million RMB ($64 million) and contributing substantially to overall revenue growth for the year.

In a news release, GRG announced the publication of its annual report on March 28, including audited financial results for 2011. The figures showed total revenue of 2.089 billion RMB ($331.5 million), an increase of 21 percent, with net income of 507 million RMB ($80 million), and earnings per share of 1.14 RMB (18 cents).

The company's net income growth slowed overall for 2011, but Q4 results showed about a 2 percent acceleration in the pace of growth over the previous three quarters.

Domestic growth continued at a strong pace, with an increase of nearly 12 percent over the previous year. Key contributors to domestic growth included contracts with the Construction Bank of China, Postal Savings Bank of China, Bank of Communication, and Rural Credit Cooperatives. Internationally, sales of cash recycling machines were a strong component of growth.

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