SHANGHAI, May 16, 2024
/CNW/ -- SANY Heavy Industry ("SANY" or "the Company"; SSE:
600031), a leading heavy machinery manufacturer, has reported a
strong growth in international revenues in its recently announced
annual results for 2023.
The Company reported RMB 74.02
billion (US$10.43 billion) in
total revenues for the year 2023, down 8.44% year-on-year. Despite
a challenging market, the decrease in revenue showed a narrowing
decline of 15.92 percentage points compared to the previous year's
changes.
SANY's net profit totaled RMB 4.6
billion (US$648.74 million) in
2023, posting a 4.16% year-on-year expansion. Its net cash flows
from operating activities surged by 39.20% to reach RMB 5.7 billion (US$803.87
million).
The year 2023 was pivotal for SANY as its international business
flourished. In 2023, the Company recorded RMB 43.3 billion (US$6.1
billion) in international business revenues, marking an 18%
year-on-year increase and accounting for nearly 60% of its main
business revenues.
Such significant growth highlights SANY's successful transition
to a multinational engineering machinery conglomerate, with its
sales spanning over 180 countries and regions. The sales revenues
in Asia and Australia amounted to RMB 16.5 billion (US$2.32
billion), up 11.1% year-on-year, while the European region
generated RMB 16.25 billion
(US$2.3 billion), a substantial
growth of 37.97%. The American market brought in RMB 7.58 billion (US$1
billion), rising 6.82%, and the African region contributed
RMB 2.92 billion (US$411.8 million), up by 2.56%.
"SANY boasts a vibrant overseas market, top-tier partners, and
an energetic local team," said Xiang Wenbo, chairman of SANY Heavy
Industry. "Looking ahead this year, we remain committed to our
'Globalization, Digitalization and
Decarbonization' strategy, as we continue to work with
global partners to explore green development."
SANY's financial performance in 2023 demonstrated substantial
improvements, with a notable increase in gross profit margin to
27.71%, up by 3.67 percentage points from the previous year,
exceeding the industry median. Additionally, net profit
attributable to shareholders rose to RMB
4.52 billion (US$637.4
million), a 5.53% year-on-year increase, and adjusted net
profit after non-recurring items surged by 40.35% to RMB 4.38 billion (US$617.7
million). While the main gross profit margin and net profit
margin grew, the Company also drove its operation growth. In terms
of product lines, excavating machinery, lifting machinery and road
machinery performed strongly during the reporting period. In
addition, electric products realized revenues of RMB 3.146 billion (US$449.4 million) and hydrogen energy products
realized revenues of RMB 130 million
(US$18.6 million).
For more information about SANY Group, please visit
http://www.sanyglobal.com or follow us on Facebook or YouTube.
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SOURCE SANY Group