Thanks to the surging worldwide popularity of bicycles, as well as the burgeoning sales of e-bikes in the European and North American markets, the Giant Group's turnover reached a high of NT$81.8 billion in 2021. This figure set a new record in the company's 50-year history and represented YoY growth of 17%. This achievement was set against a background of strong market demand, which has enabled Giant to raise its capacity utilization rate. Better use of capacity, as well as the increased importance of Giant's branded e-bikes as a share of its overall product sales, has also boosted Giant's profits to a historic high. Finally, Giant's after tax net profit grew by 19.8% during the year, reaching NT$5.93 billion, and after-tax earnings per share reached NT$15.8.
The Giant Group worked diligently during the fourth quarter of 2021 to overcome the supply bottlenecks and shipping container shortages that have plagued the industry, and was rewarded with a single-quarter consolidated revenue of NT$19.9 billion (up by 13.6% YoY). The rapid growth of electric bicycle sales worldwide in recent years has made e-bikes a crucial driver of the Giant Group's success. After accounting for 31% of the Group's revenue in 2021 (up from 26% in 2020), e-bikes are expected to account for an even greater share of Giant's revenue in the coming years. Europe is the world's leading e-bike market, and Giant Europe enjoyed sales growth of 30% last year—its fourth consecutive year of double-digit growth. And thanks to the gradual loosening of e-bike laws and regulations, the US e-bike market is also in the midst of a rapid growth spurt.
Looking ahead to the rest of 2022, inflation and the Russian invasion of Ukraine have clouded the business picture, and rising costs may continue to put intense pressure on profits. But as the Covid pandemic eases, people's increased emphasis on exercise and fitness can be expected to stimulate demand for mid-/high-end sporting bicycles. Apart from enjoying the outdoors environment on a bicycle, consumers are also enthusiastic about indoor cycling. Other favorable factors encouraging cycling include rising eco-consciousness, governments' promotion of energy conservation and emissions reduction, the continued development of a better cycling environment, and encouragement of bicycle commuting to resolve traffic congestion. All of these factors are likely to bring even more new cyclists into the fold. As a result, the Giant Group has strong confidence it can maintain its growth into the foreseeable future. Finally, Giant Vietnam is expected to begin making its first small shipments during the third quarter of 2022.