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XCMG 2021 Annual Report: High-Quality Development Leads to Record-High Revenue and Net Profit Growth

XCMG 2021 Annual Report: High-Quality Development Leads to Record-High Revenue and Net Profit Growth

XCMG (SHE:000425) has disclosed its 2021 annual report on April 18th, hitting record highs in both revenue and net profit.

In 2021, XCMG has reported an operating revenue of CNY84.328 billion (US$13.2 billion), year-on-year growth of 14.01 percent, and a net profit attributable to parent company of 5.615 billion yuan (US$879.1 million), up 50.57 percent year-on-year. Net cash flow generated by XCMG’s operating activities reached 8.073 billion yuan (US$1.26 billion), jumping 189.43 percent year-on-year for a record high.

XCMG has maintained top position in China’s domestic construction machinery industry for 32 years consecutively, and for the first time in history, ranked among the top three in the world.

In 2021, XCMG’s hoisting machinery was ranked number one worldwide for the first time. Its major product categories all achieved positive growth and sectors including earthmoving, piling, and aerial working machinery have also grown rapidly with increased proportions in operating revenue.

Furthermore, XCMG’s overseas revenue has also increased by 111.81 percent year-on-year to reach 12.94 billion yuan (US$2.03 billion). Despite the impact of the COVID-19 pandemic, XCMG Brazil has achieved a major breakthrough with 200 percent year-on-year growth in production and sales, and 198 percent increase in operating scale.

These emerging industries have also been advancing rapidly:

-XCMG has consolidated its leading position in lifting-type fire trucks and boom-type aerial work platforms with significantly improved profitability;

-The income generated by compact construction machinery has risen 50 percent year-on-year, and income from forklifts has increased by a whopping 258 percent;

-XCMG’s new base for maintenance machinery was put into operation, and products including asphalt stations and chassis maintenance are ranked in the top 2 in the industry;

-XCMG’s “Hanyun” industrial internet platform ranked in the top 3 in MIIT’s 2021 list of cross-industry and cross-domain industrial internet platforms.

“Whether circumstances are favorable or adverse, XCMG unremittingly strives to achieve the development goals of ‘advanced quality, efficiency, performance and sustainability.’ We always adhere to our original vision and intention and lead China’s construction machinery companies to continuously challenge the industry’s ‘Mount Everest’ and achieve high-quality development in the international market,” said Wang Min, chairman and CEO of XCMG.

Source: XCMG