SHANGHAI, April 29, 2025 – SANY Heavy Industry (SANY) released its 2024 financial results on April 19, reporting full-year sales of $10.88 billion, a 6.22% increase compared to the previous year. Net profit attributable to shareholders saw a significant rise of 31.98%, reaching $0.84 billion. The company’s strong overseas performance is reflected in international revenue, which accounted for 64% of its core business revenue.
In 2024, the company’s core business gross margin was 26.63%, a 0.47 percentage point increase year-on-year, with hoisting machinery contributing the most to this growth, showing a 4.23 percentage point increase compared to 2023. The company’s operating cash flow was robust at $2.07 billion in 2024, representing a substantial 159.53% increase from the $0.80 billion reported in 2023.
Solid Core Business and Green Innovation
Earthmoving machinery, concrete machinery, and hoisting machinery accounted for 76% of the total revenue for the year, with respective revenues of $4.25 billion, $2.01 billion, and $1.83 billion. Road machinery also performed well, recording a 20.8% year-on-year increase.
SANY remains dedicated to decarbonization and continues to advance clean technology. In 2024, the company obtained 275 low-carbon patents, and revenue from low-carbon products reached $0.56 billion. SANY is also actively promoting the electrification of main machines, core spare parts, and power supply units. In 2024, the company launched over 40 electric products, selling more than 6,200 units.
International Revenue Hits New High
SANY prioritizes globalization by establishing production bases, R&D centers, marketing and service networks, and localized teams to ensure coordinated and efficient operations across all regions.
In 2024, international core business revenue reached a record high of $6.78 billion, a 12.15% increase compared to the $6.06 billion in 2023, representing 64% of the total core business revenue. The international gross margin was reported at 29.7%. The growth in international markets was primarily driven by the Asia and Australia regions, with reported revenue of $2.88 billion, a 15.47% year-on-year increase. The African market experienced strong growth, with revenue surging by 44% to $0.75 billion. The Europe and America regions also showed stable growth of 1.86% and 6.64%, contributing $1.72 billion and $1.44 billion respectively.
“I’m proud of our achievements in the challenging yet opportunity-filled 2024. In 2025 we will deepen technological innovation, strengthen risk management, and enhance governance efficiency, contributing our corporate strength to global sustainable development,” said Xiang Wenbo, Chairman of SANY Heavy Industry.
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