XCMG Releases First Quarter 2021 Earnings Report, Hits Record Single Quarter Highs
- Operating revenue of $3.88 billion, up 80.40% year-on-year
- Operating cash flow increased by 1502.97% year-on-year
- Net profit attributable to shareholders of listed companies reached $268.18 million, a year-on-year increase of 182.44% and a record high for a single quarter
- Receivables financing is down 46.26% year-on-year
XUZHOU, China, May 20, 2021 /PRNewswire/ -- Leading construction machinery manufacturer XCMG (SHE:000425) released its First Quarter 2021 Earnings Report (the "Report") on April 28, hitting record highs in both revenue and profit to mark a new milestone in business growth in the post COVID-19 era.
The Report shows XCMG Construction Machinery's significantly increased investment into R&D reached $112.73 million, a 44.63% increase year-on-year. Taking intelligent manufacturing (IM) as an example, XCMG has forged multiple intelligent production lines including the world's first intelligent production line for crane turntables and established the first full value chain factory across the construction machinery industry that independently networked in 5G with Multi-access Edge Computing capacity to support R&D, production and more.
With industry-leading technological innovation capabilities, comprehensive integrated solution sets and strong international development ability, XCMG Construction Machinery is making steady progress across various operational indicators.
XCMG's landmark achievements throughout the first quarter include:
- Delivery of over 400 units of construction machinery equipment to Belt and Road Initiative (BRI) countries;
- The world's largest crawler crane XGC88000 once again set a new hoisting record after successfully installing a 2,600-ton tower equipment at the Shenghong refinery project construction site;
- Delivery of customized GR2605 graders to Rio Tinto;
- "Hanyun" industrial internet platform was named in the top 3 industrial internet new infrastructure projects;
- Launch of a key digital product, XCMG-Global Service System (X-GSS).
XCMG's rapid business development in the first quarter of 2021 has built upon the outstanding foundation of 2020, especially the quick and effective response to the COVID-19 pandemic and active market development efforts. According to XCMG Construction Machinery's disclosed 2020 annual report, its revenue last year was $11.49 billion, with hoisting, piling, scraping and engineering machinery spare parts achieving revenues of $4.11 billion, $1.14 billion, $1.03 billion and $2.74 billion respectively, and year-on-year increases of 27.15%, 24.05%, 4.70% and 34.68%.
In the meantime, the company's main sector income scale has hit a new record. The revenue of wheeled cranes has exceeded $3.11 billion, revenue of core components has surpassed $1.55 billion and the revenue of foundation machinery over $1.24 billion. The incomes of road, loading and crawler crane machineries have all exceeded $77.63 million.
To further boost the company's overall competitiveness, XCMG Construction Machinery resumed trading on April 21 and disclosed its overall listing plan, combining mining machineries (highest domestic market share among domestic brands), excavators and tower cranes (top two domestic market share) and concrete machinery (top three domestic market share) into listed companies as a whole to optimize XCMG's company structure and layout. With this merger, XCMG will achieve full integration of resources and fully realize business synergies.
"With the overlapping effects and momentum of the capital market, the overall value of XCMG is expected to rapidly improve, and the profitability of the company will be unleashed even further in the future, as well as continuous improvements to our comprehensive service capabilities," said Wang Min, chairman and CEO of XCMG.
After the merger, XCMG will enhance their core competitive strengths and industry influence through in-depth integration of assets, personnel, branding and management, bringing high performance flexibility and elasticity to the brands.
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