GRGBanking 2011 Annual Overseas Revenue Surges 243.01%

GRG Banking Equipment Co., Ltd. (SZSE:002152) released its audited financial results for 2011 on March 28 in the company's annual report. The overseas revenue of 404 million RMB (US$64.11 million), increasing by 243.01% compared to 2010, contributed tremendously to the rapid growth of the company’s overall revenue.

The company reported its revenue of 2011 is 2.089 billion RMB (US$331.5 million), with an increase of 21.18% year on year, while its net income of 507 million RMB (US$80.46 million) increased by 6.61% and its EPS (Earning Per Share) of 1.14 RMB(US$0.18) rose by 6.54%. According to the report, the net income, after deducting the non-operating gains and losses, increased by 5.39% to 489 million RMB (US$77.6 million).

GRGBanking’s Annual Sales Revenue from 1999 to 2011

According to the report, the company’s increase in net income slowed down slightly in 2011, compared with 17.01% in 2009 and 22.48% in 2010. However the financial results in the fourth quarter were recovering. GRGBanking reported its net income increased by 5.95% to 303 million RMB (US$48.09 million) in the first three quarters, while its net income in the fourth quarter experienced a growth of 7.94% to 204 million RMB (US$32.37 million).

The gross profit ratio of the company rose by 0.46% to 49.71%, mainly driven by the increasing gross profit ratio of equipment maintenance services and spares parts sales revenue.

GRGBanking continues to dominate the domestic ATM market with a sales volume of 17,500 units in 2011, generating revenue of 1.649 billion RMB (US$261.7 million), an increase of 11.83% compared to the previous year. Sales growth was prominent to costumers such as Construction Bank of China, Postal Saving Bank of China, Bank of Communication, and Rural Credit Cooperatives. The company obtained contracts with Bank of Communication with a total value of 189 million RMB (US$29.99 million), increasing by over 30% compared to 2010. In the international ATM market, GRGBanking achieved prominent growth by winning cash recycler contracts worthy of 230 million RMB (US$36.50 million) with Turkish Ziraat Bank, which immediately became the second largest client of the company. Consequently, the overseass revenue surged by 243.01% to 404 million RMB (US$64.11 million), accounting for 19.34% of the total revenue (6.84% in 2010).

Due to the burgeoning boom of metro and high-speed railway across China, GRGBanking’s AFC (Automatic Fare Collection) segment achieved 133 million RMB (US$21.11 million) in sales revenue, a significant increase of 108% compared to 2010.

About GRGBanking:

GRGBanking is a leading provider of currency recognition and cash processing solutions in the global market with great potential and rapid development. GRG specialize in the development/ manufacturing of Automatic Teller Machine (ATM) for financial institutions and retailers, Automatic Fare Collection (AFC) devices for railway or underground systems, as well as other currency recognition and cash processing equipment, modules and systems for over 20 years. Besides, GRG various Multi-Channel Software Solutions and Services cover the needs of the financial industry, retail, transportation, payment, self-service, cash automation, cash management outsourcing and managed services, customized for different customers around the world.

News Media Contact: Benny Huang

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