TAICHUNG, Taiwan (BRAIN) — Giant Group is reporting that its sales last year were up 10.3% over 2019, to NT$70.01 billion ($2.45 billion). Net profit was up 46.7%, to NT$4.95 billion. Earnings per share was NT$13.19.
Giant said all its sales companies, in the U.S., Europe, and China, saw significant growth in sales and profitability.
"Giant foresees as more consumers are choosing bicycle and e-bike as a means of transportation, leisure and sports, bicycles and e-bikes will become a part of the new lifestyle post-pandemic," the company said.
The company noted that it has been developing and manufacturing e-bikes for more than 20 years. "This investment enabled Giant to acquire key electrical technologies, fast response to the market trends and establish a market position in the e-bike market. E-bike has become one of the key growth drivers for Giant group where last year total e-bike sales grew 28%, representing 26% of the group's revenue."
Giant forecast that the sales growth will continue in 2021. "This pandemic has certainly changed the way of living and there is a huge shift in people's awareness on health and fitness. In addition, there is a continuous push from governments across different nations to reduce carbon footprint by encouraging people to use bicycles or e-bikes, increasing investments in establishing bicycle related infrastructures and offering bicycle purchase subsidizes, therefore, Giant foresees the demand will continue to exceed supply," the company said.
