(Yicai) Jan. 29 -- Shares of Gree Electric Appliances surged after the chairwoman of the Chinese maker of white goods said yesterday that the firm achieved its best annual revenue last year since its inception over three decades ago and the goal is to double that in the next five years.

Gree [SHE: 000651] gained as much as 4.7 percent to reach an intraday high of CNY35.25 (USD4.90) as of 2.41 p.m.

The Zhuhai-headquartered manufacturer of air conditioning units and washing machines predicted in late December that its 2023 revenue should stand between CNY205 billion and CNY210 billion (USD28.5 billion to USD29.2 billion), marking the third time of exceeding CNY200 billion and a maximum increase of 10 percent from the year before. Net profit could tally from CNY27 billion to CNY29.3 billion (USD3.8 billion to USD4.1 billion), as big as a 20 percent boost from 2022.

Gree topped CNY200 billion in annual revenue for the first time already in 2018 but the Covid-19 pandemic majorly affected its business from 2020 to 2022.

Chairwoman Dong Mingzhu said at a company event yesterday that last year's record performance was driven by innovation. The firm paid CNY17.6 billion in taxes that year and this year, the sum could reach CNY20 billion. Over the past five years, the company has distributed over CNY14 billion in dividends each year on average.

Besides white goods, Gree makes computer numerical control machines, robots, and molds, Dong said, adding that the firm develops core parts and controls sales.

The company is also expanding its footprint in the central air conditioning segment, targeting corporate clients, Yicai learned. A new plant for such systems with green energy, located next to Gree's HQ, came on stream yesterday.

Moreover, Gree is also nurturing talents as it set up the Zhuhai Gree Vocational College last year.

Editors: Shi Yi, Emmi Laine