, Hong Kong

Furniture company Man Wah profit up 17.5% to $1.9b in 2021

The group saw a strong boost in sales from its China markets.

Home furnishing company Man Wah Holdings Limited reported its profit attributable to owners climbed 17.5% to $1.92b for the year ended March 2021.

Its revenue rose 35.3% to $16.43b in the same period, driven by a strong boost from sales in the China market.

“Chinese consumers are giving more focus on comfort from household products,” Chairman Wong Man Li said.

“In view of this growing demand, the Group will continue focusing on stationary sofas, but it has also added more experiential functions and improved comfort of its recliner sofa products, providing consumers with a much enhanced experience.”

The China market accounted for 60% of the Group’s revenue, which amounted to $9.98b after expanding 61.9%.

The Group so far has 4,122 “CHEERS First-class Cabin” brand sofa and “CHEERS Five-star Mattress” brand stores in China. This represented a net increase of 1,125 in the number of brand stores.

Banking on the China market, the Group will continue to strengthen its core competitiveness and branding in recliner sofas.

Moreover, the North American market saw a 30.5% increase to $4.58b in sales revenue; whilst sales revenue in Europe and other overseas market declined 6.5% to $876.6m. The Group also plans to expand its exports of stationary sofas, and diversify its products.

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