Zoomlion Reports H1 2023 Results: Scale, Quality, and Profitability Growth in Full Swing, with International Revenue Soars by 115.39% YoY
CHANGSHA, China, Sept. 6, 2023 /PRNewswire/ -- Zoomlion Heavy Industry Science & Technology Co., Ltd. ("Zoomlion", 1157.HK) reported first-half 2023 sales revenues of 24.075 billion yuan (US$ 3.29 billion), marking a 13.03% YoY rise. International revenue contributed 8.372 billion yuan (US$ 1.15 billion), reflecting a notable 115.39% YoY surge.
The net profit attributable to shareholders of the parent company reached 2.04 billion yuan (US$ 279.27 million), an 18.9% growth. Meanwhile, net profit, adjusted for non-recurring items, climbed 40.31% to 1.688 billion yuan (US$ 231 million).
Zoomlion attributes its robust H1 2023 performance to its commitment to high-quality development, emphasizing digital, intelligent, and eco-friendly transformation, focusing on emerging business sectors, and robust international market expansion.
Zoomlion persistently strives to reduce costs and enhance efficiency. It improves operational efficiency by consistently promoting the use of new construction materials, advanced techniques and technologies. This approach ensures ongoing improvement in the quality of operation and management.
Benefiting from digital upgrading, intelligent manufacturing, and the self-development and application of industrial Internet, Zoomlion has successfully reduced the R&D cycle by 31.1% and operational costs by 20.3%. Its world-leading lighthouse factory has improved production efficiency by 34.1%, leading to 35% reduction of order fulfillment cycle.
During the reporting period, Zoomlion's product gross profit rate is up 7.11% YoY, reaching 27.9%. The gross profit rate in Q2 stood at 29.04%, up 2.65% MoM and 7.63% YoY. Zoomlion has achieved five consecutive quarters of improvement since Q1 2022. This denotes the fifth consecutive quarter of growth since Q1 2022. Additionally, the H1 2023 net profit ratio rose to 9.22%, a 1% YoY increment.
In addition to significant results in the three sectors of construction machinery, agricultural machinery and intelligent agriculture, as well as new construction materials, Zoomlion has also made significant strides in international markets, with its H1 2023 revenue rising 115.39% YoY. Countries like the UAE, Saudi Arabia, Turkey, Kazakhstan, and Brazil saw sales growth surpassing 200%.
Several of Zoomlion's products set Chinese export records in construction and engineering machinery:
- The 800-ton crane shipped to Argentina was China's largest crane export to South America.
- The 2,850-tonne-meter tower crane delivered to West Africa was China's largest tonnage tower crane exported to Africa.
- The R4300-100 tower crane was China's largest tonnage tower crane exported to South Korea.