Chinese home appliance maker Gree Electric Appliances Inc reported a 19.9 percent year-on-year increase in sales to more than $19.58 billion in 2013, company sources said.

Dong Mingzhu, president of Gree, attributed the robust performance to its core development model of relying on technology to improve the quality.

"The desire to improve the quality of our products is the major factor behind the increase," said Dong.

The company's net profit also increased sharply by 46.5 percent year-on-year to 10.81 billion yuan ($1.76 billion), the highest since its establishment in 1991, according to the company sources.

According to Dong, the company's sales will increase by at least 20 billion yuan ($3.26 billion) in 2014, thanks to a prominent market potential.