TCL Electronics the world’s second largest TV brand behind Samsung has reported a massive jump in both revenue and profits in Australia after they cut a deal with JB Hi Fi to supply their Ffalcon TV midway through 2019.
In their latest filings the Melbourne based Company who last week announced global IMAX Enhanced certification on its X915 Android QLED series TV saw revenues go from $86M to $125.4M.
The Company saw profits climbed at December 2019, to $1,853,491 after reporting a loss in 2019 of $1,065,098.
The turning point for the Chinese Company came when the #1 supplier of TV’s in the US market was chosen to supply JB Hi Fi with a full range of TV’s to replace their Soniq brand. The retailer chose TCL because they had a high level of manufacturing capability over Soniq and were able to deliver a superior range of TV’s.
In a statement filed with the Australian Securities and Investment Commission the Company claimed that they have not seen a “significant impact on their business due to COVID-19”.
TCL is seen as a major competitor to Hisense with the Company delivering superior TV technology than their archival who was forced to acquire the Toshiba brand in the US market due to consumers rejecting the Hisense brand in preference for TCL TV’s.
During the last financial year TCL’s Australian operation was able to lift sales 30% while reducing their selling and distribution costs from $10,603,202 Million to $9.52M.
Administration expenses rose from $2.3M to $5.4M. Equity rose from 1.6% to $2.9%
The Company who are tipped to be a competitor to Samsung in the Australian TV market is one of only a few TV brands that has met the stringent performance standards set by IMAX and DTS.
Their latest TCL’s X915 model offers 8K picture quality with 33 million pixels. For non-8K content, the AI 8K upscaling technology automatically optimises it into 8K format.
The TCL TV is Quantum Dot (QLED) similar to what Samsung is selling up against LG’s OLED TV technology.
