2023 Sees 92.848
Billion Yuan Revenue, 40.09% Courtesy of International
Business
XUZHOU, China, May 9, 2024 /PRNewswire/ -- In a remarkable
display of resilience and growth, XCMG Machinery (SHE:000425,
"XCMG") has announced a proposed 20% increase in its annual
dividend, following an impressive year that saw the company achieve
a historic high in international revenue and maintain its position
as the industry leader in China.
The company's business income reached 92.848
billion yuan, with international revenue soaring to
37.220 billion yuan, accounting for
40.09% of total income.
The proposed dividend for the fiscal year 2023 stands at
1.80 yuan per ten shares (tax
included), amounting to approximately 2.127
billion yuan in cash dividends—a significant increase from
the previous year and representing 40% of the company's net profit
attributable to the parent. Additionally, XCMG is actively
implementing a stock buyback plan valued between 300 million and
600 million yuan.
Despite facing profound changes in both domestic and
international competence environments throughout the year, XCMG
achieved double-digit net profit growth while enhancing gross
margin and sales net profit margin. The company also successfully
reduced accounts receivable and inventory levels; continued to
increase market share across most product lines; witnessed rapid
revenue growth from strategic emerging industries exceeding 20%;
and saw revenues from new energy-related equipment and businesses
double for two consecutive years, nearing ten percent of total
revenue.
A key indicator of profitability—the overall gross
margin—reached an impressive figure of 22.38%, marking an
improvement of 2.17% points compared to previous years across
various product categories combined, including cranes, earth-moving
machinery, and concrete machinery, among others, regardless of
domestic or overseas markets.
By the end of December 2023, XCMG
had effectively reduced both accounts receivable by 1.13% and
inventory amounts by 7.75% compared to 2022—demonstrating strong
financial management, which resulted in a net cash flow from
operating activities amounting to approximately 3.57 billion
yuan—an increase exceeding 125.59% over last year.
Underpinning these achievements is XCMG's unwavering commitment
to its internationalization strategy, which has seen it deepen its
global development layout through export trade, overseas greenfield
manufacturing investment, multinational acquisitions, as well as
global R&D efforts, providing comprehensive marketing services,
full value chain services, and complete solutions to worldwide
clients, leading significant growth in the international business
segment during this period.
XCMG's thriving business is attributed to its strategy, led by
technological innovation. In 2023, XCMG's digital supply chain
initiative was recognized as a key industrial internet project in
Jiangsu Province, China, adding five provincial industrial
internet benchmark factories. The company achieved level three
maturity in intelligent manufacturing capabilities with three
enterprises, and both the XCMG Hoisting business unit and XCMG
Transmission were newly included in the Ministry of Industry and
Information Technology's "5G Factory Directory". Additionally, the
Intelligent Manufacturing Factory of XCMG Loaders was selected for
the national intelligent manufacturing demonstration factory, and
XCMG Machinery ranked first nationwide in the Ministry of Industry
and Information Technology's "2023 New Generation Information
Technology and Manufacturing Integration Development Demonstration
List".
Continuing its industry-leading streak from 2023, XCMG Machinery
has reported a first-quarter operating revenue of 24.041 billion yuan this year, up by 0.96%
year-on-year, with a net profit attributable to the parent of
1.6 billion yuan, a 5.06% increase
from the previous year. The net profit, adjusted for non-recurring
items, was 1.466 billion yuan,
marking a 12.48% increase from last year, thereby maintaining its
lead in the domestic sector. The company's ongoing growth is
attributed to the dynamic shift towards new energy products,
witnessing a surge of over 40%, and a notable increase in revenue
from spare parts and high-end products, by nearly 15% and 5%
respectively.
In addition, the Company, in 2023, is set to vigorously pursue
its social responsibilities, steer its ESG business towards
sustainable operations, and is expected to introduce its first-ever
ESG report shortly.
For more information about XCMG Machinery, please visit:
https://www.xcmgglobal.com/.
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