SANY 2024 Annual Report: Net Profit Up 31.98%, International Revenue Accounts for 64%

SHANGHAI, April 29, 2025 /PRNewswire/ -- SANY Heavy Industry (SANY) announced its 2024 results on April 19, reporting $10.88 billion in full-year sales and revenue, up 6.22% year-on-year. Net profit attributed to shareholders surged by 31.98% to $0.84 billion. As international revenue accounting for 64% of its core business revenue, the company continues to show its strong overseas growth.

The company reported a core business gross margin of 26.63% in 2024, marking a 0.47pp year-on-year increase. Among which, the hoisting machinery contributed the most to the growth, showing a 4.23pp increase compared to 2023. In 2024, the company's operating cash flow was $2.07 billion, a whopping 159.53% increase, compared with $0.80 billion in 2023.

Solid Core Business and Green Innovation

The earthmoving machinery, concrete machinery, and hoisting machinery contributed 76% of the full-year revenue, reporting $4.25 billion, $2.01 billion, and $1.83 billion accordingly. The road machinery performed strongly, posting a 20.8% year-on-year growth.

Staying committed to decarbonization, SANY continues to promote the development of clean technology. In 2024, the company applied 275 low-carbon patents and the low-carbon products generated $0.56 billion in revenue. In addition, SANY is driving forward the electrification of main machines, core spare parts, and power supply units. In 2024, the company launched over 40 electric products, with the sales exceeding 6,200 units.

International Revenue Hits New High

Prioritizing globalization efforts, SANY established production bases, R&D centers, marketing and service networks, and localized teams, enabling coordinated and efficient operations across all regions.

During 2024, the international core business revenue set a new high of $6.78 billion, an increase of 12.15% compared with $6.06 billion for 2023, and accounting for 64% of the total core business revenue. The company reported the international gross margin of 29.7%. The growth of international markets was primarily driven by the Asia and Australia regions, whose reported revenue was $2.88 billion, a 15.47% year-on-year increase. The African market boasted strong growth with the revenue surging by 44% to $0.75 billion. The Europe and America regions also showed stable growth of 1.86% and 6.64%, contributing $1.72 billion to $1.44 billion respectively.

"I'm proud of our achievements in the challenging yet opportunity-filled 2024. In 2025 we will deepen technological innovation, strengthen risk management, and enhance governance efficiency, contributing our corporate strength to global sustainable development," stated Xiang Wenbo, Chairman of SANY Heavy Industry.

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** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

SANY 2024 Annual Report: Net Profit Up 31.98%, International Revenue Accounts for 64%

SHANGHAI, May 12, 2025 /PRNewswire/ -- A news report from english.shanghai.gov.cn

The municipal government of Shanghai released a circular outlining 10 major missions to seek further breakthroughs in improving its business environment on May 8, aiming at further stabilizing employment, companies' operations and market expectations.

One of the 10 initiatives is to better align with the evaluation methods and criteria used in the World Bank's Business Ready report. Further reforms will also be advanced.

Meanwhile, favorable policies should be more easily accessible for companies. The city will launch an online platform via which companies can search for the applicable policies and obtain approvals. A "policy calculator" will also be introduced to explicitly explain the application conditions and scope for certain policies.

To further enhance administrative oversight of companies, Shanghai will complete and upgrade the supervision QR code system, which was rolled out citywide earlier this year.

According to the circular, financing costs for small and medium-sized enterprises should be reduced, and innovative financing services should be offered. To this end, Shanghai will promote a fast-track loan initiative across industrial parks, which was first piloted in the Hongkou district in northeast Shanghai.

The circular also highlights the need to improve bankruptcy procedures, as this is one of the key indicators in the World Bank report. Enhancing efficiency in this area will support company restructuring, accelerate market evolution, and improve resource allocation.

For more information: https://english.shanghai.gov.cn/en-BusinessEnvironment/index.html 

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Shanghai releases 10 major missions on improving business environment