SANY Heavy Industry Reports 31.98% Profit Increase in 2024 Amidst Global Expansion

Overview of SANY Heavy Industry's 2024 Financial Performance

SANY Heavy Industry (SANY), a leading player in the manufacturing of heavy equipment, has recently disclosed its financial results for the year 2024. The company reported a total revenue of $10.88 billion, reflecting a 6.22% increase from the previous year. Remarkably, the net profit attributable to shareholders surged by 31.98%, amounting to $840 million. Notably, international sales constituted an impressive 64% of the overall revenue, highlighting the company’s robust growth trajectory in global markets.

Impressive Profit Margins and Growth

In 2024, SANY's core business achieved a gross margin of 26.63%, marking an increase of 0.47 percentage points compared to 2023. This positive trend was largely attributed to the increase in sales of cranes, which grew by 4.23% year-on-year. Additionally, the operational cash flow for the company dramatically escalated to $2.07 billion, indicating a remarkable increase of 159.53% from the $800 million recorded in 2023.

The breakdown of sales by product category shows that earthmoving machinery, concrete equipment, and cranes contributed significantly to the annual turnover, generating $4.25 billion, $2.01 billion, and $1.83 billion, respectively. Additionally, the road construction machinery segment reported strong performance with a notable 20.8% increase compared to the previous year.

Commitment to Sustainability and Innovation

SANY maintains a strong commitment to sustainability, emphasizing the decarbonization of its operations. The company has been actively developing clean technologies, registering 275 patents for low-carbon innovations in 2024. Sales of low-carbon products reached $560 million during the year. Furthermore, SANY is accelerating the electrification of its key machinery, core parts, and power units, launching over 40 electric products in 2024, while selling more than 6,200 units.

International Revenue Breakthrough

Focusing on globalization, SANY has prioritized establishing production facilities, R&D centers, marketing, and service networks, along with localized teams to ensure coordinated operations across regions. In 2024, international core business revenue reached a record high of $6.78 billion, up 12.15% from $6.06 billion in 2023, accounting for 64% of total core business revenue. The international gross margin stood at 29.7%.

The growth in international markets was primarily driven by regions such as Asia and Australia, with these areas generating $2.88 billion in revenue—an increase of 15.47% year-on-year. The African market also saw substantial growth, with a revenue increase of 44%, reaching $750 million. Meanwhile, both Europe and the Americas exhibited stable growth rates of 1.86% and 6.64%, contributing $1.72 billion and $1.44 billion, respectively.

CEO's Outlook for 2025

Expressing pride in the company’s accomplishments in 2024, Xiang Wenbo, Chairman of SANY Heavy Industry, acknowledged the challenges faced during the year while also recognizing the numerous opportunities ahead. Moving into 2025, he emphasized a focus on deepening technological innovation, enhancing risk management, and improving operational efficiency to contribute effectively to global sustainable development.

This report underscores SANY's resilience and commitment to enhancing its international presence, while also innovating sustainably amidst various market challenges. As the company progresses into 2025, its strategic initiatives promise to further solidify its competitive advantage and drive continued growth on the global stage.