Country for PR: China
Contributor: PR Newswire Asia (China)
Tuesday, September 01 2020 - 21:46
AsiaNet
Zoomlion Announces 2020 Interim Report: Net Profit Increases 55.97% YoY
CHANGSHA, China, Sept. 1, 2020 /PRNewswire-AsiaNet/ --

Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) released its 
2020 interim report on August 21. 

Key Highlights:

- Operating income equaled CNY 28.827 billion (USD 4.178 billion), an increase 
of 29.49% YoY. 
- Net profit attributable to shareholders of the company was CNY 4.018 billion 
(USD 582.361 million), an increase of 55.97% YoY.

"Though affected by COVID-19, the construction machinery industry in China 
experienced sustained growth due to China's macroeconomic regulations, New 
Infrastructure projects and the rebound of smart manufacturing," said Yang 
Duzhi, Secretary of the Board of Zoomlion. "During the reporting period, we 
focused on scale, profit, operating cash flow and sustainable growth. We will 
continue to implement an end-to-end business management model, accelerate 
digital transformation, control business risks, and improve management 
efficiency."

During the reporting period, the sales volume of core products increased 
significantly year-on-year, with a higher gross profit margin.

- Mobile Cranes: sales continue to dominate the domestic market with steady 
growth. Meanwhile, revenue from crawler cranes doubled.

- Concrete Machinery: experience a significant increase in sales. Long Boom 
Truck Mounted Pumps and City Pumps continue to dominate the first position for 
market share, while the market share of mixer trucks jumped to the top three.

- Tower Cranes: Zoomlion remains the world's leading tower crane manufacturer 
by sales volume, hitting a record high. The launch of the latest intelligent W 
series tower cranes has further expanded Zoomlion's market share.

- Earth-moving Machinery: sales witness substantial growth year-on-year due to 
product innovation, sales model, market layout, and service network. Aerial 
Work Platform recorded a 100% improvement in sales and holds one of the largest 
market shares. 

Expense ratio fell by more than 3.7% YoY, thanks to strict cost and expense 
controls, which contributed to an increase in the company's net profit margin. 

Sales expense ratio dropped significantly as a result of the implementation of 
a new "end-to-end" management model supported by digitalization. 

Financial expenses have been reduced considerably due to the efficient use of 
funds and reducing the level of debt.

As a result of China's promotion of new infrastructure and urbanization 
projects, it is expected that the construction machinery industry will maintain 
a high rate of growth. Zoomlion will continuously enhance market 
competitiveness, make full preparations for global market demands, and support 
long-term, high-quality development

About Zoomlion

Founded in 1992, Zoomlion Heavy Industry Science & Technology Co., Ltd. 
(01157.HK) is a high-end equipment manufacturing enterprise that integrates 
engineering machinery, agricultural machinery, and financial services. The 
company now sells more than 600 cutting-edge products from 55 product lines 
covering ten significant categories.

SOURCE: Zoomlion
Translations

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