Chinese display maker BOE suffers first sales decline in 13 years

Profit plunged 71% in 2022 on falling panel prices after pandemic boom

BOE expects the panel market to recover in 2023, with an upward trend apparent since March. © AP

SHUNSUKE TABETA, Nikkei staff writer

April 5, 2023 01:29 JST

BEIJING -- Top Chinese display maker BOE Technology Group's net profit plummeted 71% for 2022 while sales declined for the first time in 13 years, as a reversal of the demand boom during the pandemic sent panel prices falling.

Net profit for the year ended December totaled 7.5 billion yuan ($1.08 billion). Chairman Chen Yanshun said at an earnings briefing on Tuesday that the panel market was expected to recover in 2023, with an upward trend apparent since March.