SANY Reports Strong 2024 Results with High International Growth
SANY Sees Significant Growth in 2024 Annual Results
SANY Heavy Industry has recently unveiled its 2024 yearly performance, showcasing remarkable achievements. The company reported impressive full-year sales and revenue of $10.88 billion, marking an increase of 6.22% compared to the previous year. The net profit, attributed to shareholders, surged by 31.98% to reach $0.84 billion, reflecting a strong business trajectory.
Impressive International Revenue Contribution
A noteworthy aspect of SANY's financial performance is the contribution of international revenue, which has now reached 64% of the company's core business revenue. This highlights SANY's successful strategy in expanding its global footprint and meeting international demand for its products.
Strong Core Business Growth
In terms of profitability, SANY reported a core business gross margin of 26.63% for 2024, demonstrating a year-on-year increase of 0.47 percentage points. The hoisting machinery segment played a significant role in this growth, witnessing a remarkable improvement of 4.23 percentage points from the previous year. Additionally, the company's operating cash flow soared to $2.07 billion, indicating a substantial 159.53% increase from the $0.80 billion reported in 2023.
Focus on Green Innovation and Technology
SANY remains committed to innovation and sustainability, especially in the realm of decarbonization. In 2024, the company successfully applied for 275 low-carbon patents, and its low-carbon product line generated $0.56 billion in revenue. The company's initiative to electrify key machinery and components is evident, as they launched over 40 electric products, achieving sales exceeding 6,200 units.
Segment Performance
The earthmoving, concrete, and hoisting machinery segments collectively accounted for 76% of total revenue in 2024, with respective totals of $4.25 billion, $2.01 billion, and $1.83 billion. Notably, road machinery experienced robust growth with a year-on-year increase of 20.8%, showing SANY's diversified product performance.
Strategic Globalization Efforts
In its pursuit of global market expansion, SANY has established several production bases, research and development centers, marketing networks, and localized teams across various regions. This coordinated approach enhances operational efficiency and supports SANY's commitment to its international growth strategy.
For 2024, SANY achieved a remarkable international core business revenue of $6.78 billion, representing a 12.15% increase from the $6.06 billion recorded in 2023. This substantial growth was primarily driven by strong performances in the Asia and Australia regions, which reported revenues of $2.88 billion—a 15.47% increase. Additionally, the African market displayed extraordinary growth with a revenue surge of 44% to $0.75 billion. Europe and the Americas also contributed positively with stable growth figures of 1.86% and 6.64%, generating $1.72 billion and $1.44 billion, respectively.
Outlook on Future Initiatives
Xiang Wenbo, Chairman of SANY Heavy Industry, expressed pride in the company’s accomplishments amid a challenging landscape, emphasizing his commitment to fostering technological innovation and enhancing governance efficiency in 2025. These efforts are poised to contribute significantly to global sustainable development, aligning with SANY's long-term vision.
Frequently Asked Questions
What were SANY's total sales in 2024?
SANY reported total sales of $10.88 billion for the year 2024, reflecting a 6.22% increase from the previous year.
How much did SANY's net profit increase in 2024?
The net profit attributed to shareholders surged by 31.98%, reaching $0.84 billion in 2024.
What percentage of revenue comes from international sales?
International revenue accounted for 64% of SANY's core business revenue in 2024.
What is SANY doing in terms of green technology?
SANY applied 275 low-carbon patents in 2024 and launched over 40 electric products, showing a strong commitment to green innovation.
What are SANY's plans for 2025?
SANY plans to focus on technological innovation, strengthen risk management, and improve governance efficiency to support global sustainable development in 2025.
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