SINGAPORE - China Yuchai International Limited (NYSE:CYD) reported higher revenue and profits for the first half of 2024, driven by increased engine sales across multiple segments.
The powertrain manufacturer saw revenue rise 12.4% year-over-year to RMB 10.3 billion ($1.4 billion) in the first half. Net profit attributable to shareholders increased 34.7% to RMB 240.3 million ($33.7 million). Earnings per share was $0.83
Total engine sales volume grew 16.3% to 192,743 units compared to the first half of 2023. Truck engine sales surged 35.6%, with heavy-duty truck engines up 32.9%. Bus engine sales rose 21.7% and industrial application engine sales increased 13.1%.
Gross profit expanded 16.8% to RMB 1.7 billion ($242.9 million), with gross margin improving to 16.8% from 16.2% a year earlier. The company attributed this to higher sales of heavy-duty vehicle and industrial engines, as well as cost reduction efforts.
"We achieved higher revenue, operating profits and earnings per share compared with the same period last year," said President Weng Ming Hoh. He noted growth across commercial truck, bus and off-road markets.
China Yuchai declared a cash dividend of $0.38 per ordinary share, payable on August 28 to shareholders of record as of August 19.
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