XCMG reveals extent of its international sales
13 May 2024
China-based XCMG has announced its financial results for 2023, with the OEM saying that the company’s business income reached CNY92.848 billion (US$12.83 billion).
XMG is one of the world's biggest OEMs by equipment sales. (Photo: XCMG)
This figure is a slight decline from last year when the company reported revenues for 2022 of US$13.4 billion, but the Chinese construction market has suffered a very difficult 2023.
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 the company’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 the company 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 the company’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.
The company 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’.
See where XCMG is placed on the Yellow Table, KHL’s ranking of the world’s top 50 OEMs by sales, in the next issue of International Construction. Subscribe for free here.
