By SHEN Hui

Transsion, the leading phone seller in Africa, released its 2023 performance forecast on Tuesday, expecting a revenue of approximately 62 billion yuan (US$ 8.7 billion) for the year, an increase of 15.5 billion yuan.

In Q3, Transsion achieved operating revenue of 18 billion yuan, a year-on-year increase of 39.2 percent. Revenue for Q4 is expected to hit a historic high of 19 billion yuan, with a net profit of 1.6 billion yuan slightly lower than Q3. Overall gross profit margin has also improved.

As the leading phone seller in Africa, Transsion’s growth is closely tied to Africa’s market rebound. Phone shipments in Africa increased by 12 percent year-on-year in Q3.

Transsion maintained its leading position on the continent and is the top seller in Pakistan, Bangladesh, and the Philippines. It remains the third biggest shipper of phones in the world. 

Global phone shipments are expected to increase by 3 percent in 2024, mainly in emerging regions, still transitioning from feature phones to smartphones. 

Transsion pointed out, “On the one hand, with the improvement of economic development and per capita consumption capacity, the potential of the smartphone market in emerging markets is significant within the overall trend of smartphone development. On the other hand, Transsion continues to expand beyond Africa and South Asian countries to drive the development of the company’s mobile phone business.”