Sany Heavy Industry (” Sany “or” The Company “), a leading global manufacturer of heavy machinery; SSE: 600031) reported strong international revenue growth in its recently announced 2023 annual results.

Key Figures for SANY Heavy Industry Reports 2023 Earnings

HAI805 In 2023, the company achieved total revenue of 74.02 billion yuan ($10.43 billion), down 8.44 percent year-on-year. Despite the challenging market conditions, the decline in revenue narrowed by 15.92 percentage points from the change in the previous year.

In 2023, Sany achieved a net profit of 4.6 billion yuan ($648.74 million), up 4.16 percent year on year. Net cash flow from operating activities was 5.7 billion yuan (about US $803.87 million), an increase of 39.20% year-on-year.

The year 2023 is of great significance for Sany, with its international business seeing a boom. The company’s international business revenue reached 43.3 billion yuan ($6.1 billion), up 18 percent year on year, accounting for nearly 60 percent of its main business revenue.

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This remarkable growth highlights Sany’s successful transformation into a multinational construction machinery group with a sales network in more than 180 countries and regions. Among them, the sales revenue in the Asian and Australian markets reached 16.5 billion yuan (about 2.32 billion US dollars), an increase of 11.1% year-on-year; The European market achieved sales revenue of 16.25 billion yuan (about 2.3 billion US dollars), a significant increase of 37.97%. The American market contributed 7.58 billion yuan (about $1 billion), up 6.82 percent HAI805 year-on-year; The African region brought in 2.92 billion yuan ($411.8 million), up 2.56 percent year-on-year.

Xiang Wenbo, Chairman of Sany, said: “Sany has a dynamic overseas market, first-class partners and a motivated local team. Looking ahead to this year, we will unswervingly promote the strategy of ‘globalization, digitalization and low-carbon’ and continue to work with global partners to explore the path of green development.”

In 2023, Sany Heavy Industry achieved a significant improvement in its financial performance, and its gross profit margin jumped to 27.71%, an increase of 3.67 percentage points over the previous year, exceeding the industry median. In addition, net profit attributable to shareholders rose to 4.52 billion yuan ($637.4 million), up 5.53 percent year on year. Adjusted net profit, which excludes non-recurring items, surged 40.35 percent to 4.38 billion yuan ($617.7 million). While the main business achieved gross profit margin and net profit margin growth, it also led to the improvement of the overall operating performance. In terms of product lines, mining machinery, lifting machinery and road machinery performed strongly during the reporting period. In addition, electric products achieved revenue of 3.146 billion yuan (about $449.4 million), and hydrogen energy products achieved revenue of 130 million yuan (about $18.6 million).