NavInfo expects to turn loss into profit in 2021 annual performance

Beijing (Gasgoo)- China’s major navigation player, NavInfo, was projected to see a turnaround from loss to profit as high as RMB131 million ($20.61 million) according to its 2021 annual performance preannouncement.

Photo credit: NavInfo

NavInfo’s report showed that in 2021, the company’s estimated net profit should amount to RMB101- 131 million ($15.89-20.61 million), soaring 132.65% to 142.45% from a year ago, successfully turning its previous loss into a profit in the year.

In 2021, the company's annual revenue should be around RMB2.9- 3.1 billion ($456.2- 487.67 million), representing a 35.03% to 44.34% year-on-year surge from 2020. Even compared to the revenue from 2019, before the pandemic hits, NavInfo still managed a 25.54% to 34.2% growth in revenue 2021.

In fact, the company’s performance growth has emerged in its 2021 Q3 report. During the first three quarters in 2021, the revenue of NavInfo summed up to RMB1.863 billion ($293.07 million), increasing 21.78% from the previous year. In the third quarter alone, the company realized a revenue of RMB13.87 million ($2.18 million), more than doubled year on year, at 144.2%.

Notably, according to NavInfo, its mainstay navigation business set the foundation of its overall performance growth in 2021. In the meantime, the company's autonomous driving, V2X, location big data platform, and automotive chip business sectors also won over the industry's recognition.

NavInfo has inked cooperation agreements with multiple major automakers worldwide, including Mercedes-Benz, SAIC Volkswagen, Volvo Cars, and Ford Motor in the past few months.