Take advantage of the situation, leapfrog the development. On the basis of the rapid development in 2018, Weima has taken great steps in 2019 to achieve the stated goals at the beginning of the year. Profits and taxes have increased by more than 50%. Each annual tasks have been fully completed, giving a satisfactory answer. On this new year, on behalf of the Board, I would like to thank the customers and partners for the trust and love, the party committees and governments for their strong support, the employees for their hard work and their families for their support and dedication.
Over the past year, we insisted on "customer-centric", taking customer satisfaction as our action guideline and work goal, and constantly improving and optimizing our work. We have achieved new results through the hard work and the promotion of all the staff.
Over the past year, our market share has improved. In the domestic market, the share of sucker rod pump increased by 2.6% year-on-year, and the market share steadily ranked first. The total sale quantity of the rodless oil production equipment increased by 30% and the total sale amount increased by 6% year-on-year, including ESP, submersible screw pump and linear motor pump. The submersible screw pump won the bidding in Qinghai Oilfield and Xinjiang Oilfield. In the foreign market, we successfully extended the contract for another 7 years with Oman National Petroleum Corporation after fulfilling the 3-year contract. As the New Year is approaching, we have successfully been selected as a qualified supplier of Kuwait National Petroleum Corporation and got order from Canadian PWH company.
Over the past year, we have increased our investment in technology R&D, R&D expenses accounting for 8%. Our linear motor pump equipment, submersible screw pump oil production equipment, large displacement sucker rod pump and other products have been promoted in batches; 5 new product technologies such as deep pumping medium displacement hydraulic oil production equipment have been successfully tested in oil fields. High thrust density permanent magnet synchronous frequency conversion linear motor oil and gas lifting intelligent complete equipment is listed as a major scientific research project in Shandong Province.
Over the past year, our management level has continued to improve. The on-time contract delivery rate increased by 5%, the fund turnover rate increased by 30%, the work efficiency has been improved, the cooperation between the teams is good, and new changes have taken place in the team spirit.
Over the past year, We invested and established Weima (Qingdao) New Energy Technology Co., Ltd. , Weima(Shenzhen) New Energy Technology Co., Ltd. and PT Weima Indonesia Energy Technology. The establishment and operation of these subsidiaries formed new growth points and support points for Weima's complete oil and gas lifting equipment.
Over the past year, with the courage to rebuild Weima, we have promoted the change of corporate culture, and the concepts of customer-centeredness and struggling people are rooted in the hearts of the people; traditional culture and red culture have become important cultural foundations for company employees.
Looking back on 2019, we are passionate; looking forward to 2020, we are full of confidence!
Based on the rapid development of the previous two years, we will further accelerate the pace of development in 2020. Operating income, profits, and the proportion of sales of complete equipment will increase by 50%; our customer satisfaction, corporate image, and brand building must implement new changes; we must comprehensively benchmark and advance, fully integrate the forces of all parties, fully implement catch-up, and take the lead in major works.
In the new year, we must establish a new quality management system, cultivate a new quality culture for employees, and provide customers with reliable and satisfactory products and services.
In the new year, we need to optimize and upgrade all technical products that have been put on the market. We must continue to maintain the advanced nature of products such as sucker rod pump, screw pumps, ESP, etc., and comprehensively optimize and upgrade oil production equipment such as linear motor pumps.
In the new year, we will reinvent the existing assembly line and replace our current ordinary equipment with intelligent equipment and advanced equipment in the world. While realizing intelligent manufacturing, it also implements intelligent detection to allow equipment to ensure product quality.
In the new year, we must comprehensively improve the quality of the project. Do a project, establish a brand. Benchmark the international oil service project quality, and build the Weima brand.
In the new year, we have to put special emphasis on letting our customers satisfactory, specially emphasis on the cultivation of traditional culture, red culture and market economy culture, and to build a vibrant and capable team to achieve Weima’s goal of building an international brand and "15631"!
The bell of the new year is about to ring, let us ride the new year's east wind and embark on a new journey! In 2020, Weima will keep moving!
Finally, I wish you all a Happy New Year, good health, good luck, and happy family!