GRGBanking net income reported an increase of 24.25% in 2010

GRG Banking Equipment Co., Ltd. (SZSE:002152) released audited financial results for 2010 on March 25 in the company’s annual report.

According to the report, the company’s 2010 revenue was US$ 262.9 million, up 15.82% year-over-year; net income rose 24.25% to US$ 80.14 million. Net profit attributable to shareholders grew 22.48% to US$ 72.46 Million and EPS was US$ 0.21, a surplus of 23.01% compared with the same period of 2009.

The revenue of the company in 2010 was mainly generated from sales of ATM products and related service. Operating revenue of ATM products increases by 11.85% with a total amount of US$ 224.75 million.

In the domestic ATM market, the company’s market share continued to grow. In 2010 the company successfully inked two big contacts with Bank of China valued totally at US$93.17 million (CNY 630 million).

In the international ATM market, GRGbanking signed agreements with 51 customers in over 45 countries last year, achieving a significant growth of total contract value. Moreover, the company made a significant breakthrough in European last year, wining a bid for1,250 H68N cash-recycling ATMs, from Ziraat Bankasi-Turkey’s biggest bank and one of the world’s largest bank based on assets

GRG Banking Equipment Co., Ltd. is principally engaged in the research, development, manufacturing and distribution of automated teller machines (ATMs), as well as related system software. Established in 1999, GRGBanking now is a leading currency recognition and cash processing solution provider in China and the global market. It is the No. 1 ATM supplier in China and listed top 10 in the global market, with more than 66,000 ATMs being sold worldwide, and serving customers in over 60 countries and regions.