New Volvo owner Geely has reported a rise in profits from £83 million in 2008 to £112 million last year.
The carmaker was boosted by a 48 per cent rise in vehicle sales last year, aided by the Chinese government's subsidies for small cars.
Announcing the profits, a Geely statement stressed that keeping costs under control was still the company's main priority.
Overall, Geely generated £1.348 billion in revenue in 2009. It plans to invest £580 million in Volvo to try to bring the Swedish carmaker back into profitability.
Geely is seeking to boost profits further by offering more expensive models at home and selling 50 percent of its cars overseas by 2015.
The carmaker plans to show 59 cars at next week’s Beijing motor show.