XCMG has announced its financial results for 2023, with the OEM saying that XCMG’s business income reached CNY92.848 billion （US$12.83 billion）。
The OEM also revealed that its international revenue increased 33% in 2023 compared to 2022 to reach CNY37.220 billion yuan （US$5.14 billion）。 This accounts for approximately 40% of XCMG’s total income, the highest this percentage has ever been. XCMG said that it has, “unwavering commitment to its internationalization strategy.”
In a press release XCMG said that “Despite facing profound changes in both domestic and international competence environments throughout the year” it had achieved double-digit net profit growth while enhancing gross margin and sales net profit margin.
XCMG added that revenues from new energy-related equipment （such as electric-powered equipment） and businesses have doubled for two consecutive years, and now accounts for almost 10% of XCMG’s total revenue.
The Chinese OEM added that in 2023 its digital supply chain initiative was recognised as a key industrial internet project in Jiangsu Province, China, adding five provincial industrial internet benchmark factories.
XCMG achieved level three maturity in intelligent manufacturing capabilities with three enterprises, and both the XCMG Hoisting business unit and XCMG Transmission were newly included in the Ministry of Industry and Information Technology’s ‘5G Factory Directory’。
Content retrieved from: https://www.xcmgglobal.com/news/news-detail-661.htm.
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