Lenovo sees record fiscal year despite economic challenges

Lenovo had to navigate supply shortages and pandemic disruption

Lenovo has logged record fiscal year results despite having to battle macro-environmental challenges.

The PC giant has posted its financial results for the year - which ended March 31 - with the group saying it saw "historic highs for both profit and revenue".

It netted an annual net income of $2bn, up 72 per cent year on year, with revenue growing by $10bn for the second year to more than $71bn.

"All main business groups were profitable for the full fiscal year - with strong growth momentum in mobile, infrastructure, and solutions and services businesses," Lenovo said in a statement.

The results come despite economic headwinds bearing down on the tech industry, with Lenovo having navigated supply shortages, pandemic disruption, geopolitical uncertainties and higher inflation.

"Although last year was challenging for the world, with the accelerated global digital and intelligent transformation, Lenovo delivered a record year of profit and revenue," said Yuanqing Yang, Lenovo chairman and CEO.

"All our main businesses are now profitable for the full year, and our new growth engines - SSG, ISG and Mobile - are showing strong momentum. We will capture this window of opportunity, double our R&D investment, drive service-led transformation, realize our ESG goals, and stay flexible and resilient to bring the entire company to new heights."

Lenovo added the digital and intelligent transformation trend continues to accelerate, "presenting the group with strong growth opportunities".

It also said the hybrid work model is a long-term change that will continue to "drive strong demand not only for smart devices and data centre infrastructure, but also for scenario-driven solutions such as smart collaboration, smart home, and smart office".

Lenovo's board of directors declared a final dividend of 3.8 US cents or 30.0 HK cents per share for the fiscal year ended March 31.