Sany recently released its full-year 2024 result with increases in total revenue, international revenue, core business gross margin, hoisting machinery, and the development of clean technology.
In 2024, Sany achieved:
· Total revenue of $10.88 billion, representing 6.2 percent year-over-year growth.
· Net profit attributable to shareholders of $0.84 billion, a significant 31.98 percent increase.
· International revenue accounted for 64 percent of core business revenue, highlighting the company's successful global expansion.
· Core business gross margin of 26.6 percent in 2024, marking a 0.47 percent year-over-year increase.
· The hoisting machinery contributed the most to the growth, showing a 4.23 percent increase compared to 2023.
· The company’s operating cash flow was $2.07 billion, a huge 159.5-percent increase, compared with $0.80 billion in 2023.
“I’m proud of our achievements in the challenging yet opportunity-filled 2024,” said Xiang Wenbo, chairman of Sany Heavy Industry. “In 2025 we will deepen technological innovation, strengthen risk management, and enhance governance efficiency, contributing our corporate strength to global sustainable development.”
Solid Core Business and Green Innovation
The earthmoving machinery reported $4.25 billion; concrete machinery $2.01 billion and hoisting machinery $1.83, for a combined 76 percent of full-year revenue. Road machinery performed strongly, posting a 20.8 percent year-over-year growth.
Staying committed to decarbonization, Sany continues to promote the development of clean technology. In 2024, the company applied 275 low-carbon patents and the low-carbon products generated $0.56 billion in revenue. Sany is driving forward the electrification of main machines, core spare parts, and power supply units. In 2024, the company launched more than 40 electric products, with sales exceeding 6,200 units.
International revenue hits new high
Prioritizing globalization efforts, Sany established production bases, R&D centers, marketing and service networks, and localized teams, enabling coordinated and efficient operations across all regions.
During 2024, the international core business revenue set a new high of $6.78 billion, an increase of 12.15 percent compared with $6.06 billion for 2023, and accounting for 64 percent of the total core business revenue. The company reported the international gross margin of 29.7 percent. The growth of international markets was primarily driven by the Asia and Australia regions, whose reported revenue was $2.88 billion, a 15.5 percent year-on-year increase. The African market featured strong growth with the revenue surging by 44 percent to $0.75 billion. The Europe and America regions also showed stable growth of 1.86 percent and 6.64 percent, contributing $1.72 billion to $1.44 billion respectively.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.