SANY Soars in 2024 as Global Strategy Pays Off
SANY Heavy Industry has thrown down the gauntlet in 2024, defying industry challenges with a bold international push and sharp focus on innovation. The results? A formidable 31.98% leap in net profit and a staggering 64% of revenue now generated from international markets.
On April 19, the Chinese construction machinery giant released its 2024 annual report, showcasing not just resilience but strategic brilliance in the face of a complex global landscape. With full-year sales and revenue hitting $10.88 billion—a 6.22% year-on-year rise—SANY continues to cement its reputation as a global powerhouse.
International Strategy Fuels Growth
SANY’s global expansion strategy isn’t just ticking boxes—it’s setting records. International core business revenue surged to $6.78 billion, up 12.15% from the previous year. That figure now represents a commanding 64% of total core revenue.
This leap didn’t happen overnight. The company has laid down roots across key global regions, building production hubs, R&D centres, and localised teams. These investments have paid off handsomely. Asia and Australia led the charge, contributing $2.88 billion—a 15.47% jump. Africa wasn’t far behind with explosive 44% growth, taking revenue to $0.75 billion. Meanwhile, Europe and the Americas saw steady gains of 1.86% and 6.64%, delivering $1.72 billion and $1.44 billion respectively.
The company’s international gross margin reached 29.7%, a testament to operational efficiency and the competitive appeal of its product line-up abroad.
Financial Health in Top Gear
With the machinery sector under pressure globally, SANY’s financials speak volumes. Net profit attributed to shareholders shot up to $0.84 billion—a robust 31.98% increase. Operating cash flow soared even more dramatically, hitting $2.07 billion, up a whopping 159.53% from the $0.80 billion recorded in 2023.
Gross margins also nudged upwards, with the core business margin climbing 0.47 percentage points to 26.63%. Hoisting machinery led this improvement, boasting a 4.23-point increase from last year.
It’s not just about making money—it’s about making it sustainably. SANY is proving that profitability and responsibility aren’t mutually exclusive.
Core Business Segments Remain Solid
Earthmoving, concrete, and hoisting machinery continue to form the bedrock of SANY’s business, accounting for 76% of its annual revenue. These segments raked in $4.25 billion, $2.01 billion, and $1.83 billion respectively.
Road machinery also turned in a standout performance, chalking up a 20.8% year-on-year boost. The diversity in segment strength demonstrates a balanced portfolio that can weather market volatility.
Green Tech and Innovation at the Forefront
Innovation is in SANY’s DNA—and its green credentials are getting stronger every year. The company is doubling down on decarbonisation, applying for 275 low-carbon patents in 2024 alone.
Revenue from low-carbon products reached $0.56 billion, and over 40 electric product models were launched, with more than 6,200 units sold worldwide. These include electric main machines, core spare parts, and power supply systems.
“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” stated Xiang Wenbo, Chairman of SANY Heavy Industry.
It’s a clear signal: the future is electric, and SANY aims to lead the charge.
Looking Ahead: More Than Just Momentum
SANY’s 2024 performance isn’t just a financial win—it’s a validation of its long-term strategy. With a sturdy global presence, a diversified product range, and a serious commitment to sustainability, the company is well-positioned for the next wave of industrial evolution.
The coming year promises even more ambitious moves. Strengthened by robust cash flows and rising global demand, SANY is expected to continue investing in digitalisation, green energy, and smart manufacturing.
