China Yuchai Reports Revenue Growth and Increased Profits in First Half

SINGAPORE – China Yuchai International Limited has announced a notable increase in revenue and profits for the first half of 2024, attributed to a boost in engine sales across various segments.

The powertrain manufacturer reported a revenue growth of 12.4% year-over-year, reaching RMB 10.3 billion (approximately $1.4 billion) in the first half of the year. Net profit attributable to shareholders saw a significant rise of 34.7%, amounting to RMB 240.3 million (roughly $33.7 million), with earnings per share reported at $0.83.

The total volume of engine sales increased by 16.3%, totaling 192,743 units compared to the same period in 2023. Sales of truck engines soared by 35.6%, while heavy-duty truck engines rose by 32.9%. Additionally, engine sales for buses grew by 21.7%, and those for industrial applications increased by 13.1%.

The company’s gross profit also improved, expanding by 16.8% to RMB 1.7 billion (about $242.9 million), with the gross margin climbing to 16.8% from 16.2% a year prior. This growth has been credited to higher sales of heavy-duty vehicles and industrial engines, along with effective cost-reduction initiatives.

President Weng Ming Hoh remarked, “We achieved higher revenue, operating profits, and earnings per share compared with the same period last year,” highlighting growth across the commercial truck, bus, and off-road market sectors.

China Yuchai has declared a cash dividend of $0.38 per ordinary share, which will be payable on August 28 to shareholders recorded as of August 19.