Sany says 2017 net profit up by 928%

Updated 2018-04-18 14:45:01

Leading Chinese machinery producer Sany Heavy Industry Co on Tuesday said net profit rose 928.35 percent in 2017 to 2.09 billion yuan (2.9 million).

According to its financial statement, posted on the website of the Shanghai Stock Exchange, revenue reached 38.34 billion yuan, up 64.67 percent.

The company said its robust sales growth reflected its stable market position. Sales across the entire range of products grew strongly, with excavators up 83 percent and cranes up 93.5 percent.

Specifically for the excavators, Sany earned 13.67 billion yuan in domestic sales, making it the sales champion for a seventh consecutive year, with a market share of 22 percent, said the company's statement.

In the international market, Sany saw 25.1 percent year-on-year sales growth to 11.62 billion yuan.

"The company will firmly promote internalization and engage in the Belt and Road initiative… Sany's management teams in Putzmeister [in Germany], the US and India have basically completed the localization of talent and manufacturing," the statement noted.

In China, 25 leading excavation machine makers sold more than 140,000 units last year, surging 99.5 percent year-on-year, according to industry data, the Xinhua News Agency reported in January.

Sales of excavators are a significant economic indicator as growing demand usually means booming mining and infrastructure development.

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