Sany Heavy Equipment Faces Revenue Dip

Sany Heavy Equipment International Holdings Co (HK:0631) has released an update.

Sany Heavy Equipment International Holdings Co reported a slight revenue decrease of 0.8% year-over-year to RMB10,756.1 million for the first half of 2024, attributed to a downturn in the coal industry affecting mining equipment sales. The company’s profit also fell by 14.1%, with a lower gross profit margin primarily due to a shift towards oil, gas and emerging industries with inherently lower margins. Investment in R&D rose by 8.6%, emphasizing the firm’s commitment to developing new products and technologies in emerging sectors.

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