Shares of China Yuchai International Limited (CYD) surged 11.1% in pre-market trading on Tuesday after the company reported robust financial results for the full year 2024.
The powertrain solution manufacturer saw its revenue grow by 6% to RMB 19.1 billion (US$ 2.7 billion) in 2024, driven by higher engine sales across truck, bus, industrial, marine and power generation markets. Notably, the company's net profit attributable to shareholders jumped 17.5% to RMB 323.1 million (US$ 44.9 million), resulting in basic and diluted earnings per share of RMB 8.21 (US$ 1.14).
China Yuchai's gross profit increased by 10.8% to RMB 2.8 billion, with gross margin improving to 14.7% from 14.1% in the previous year. The company attributed the margin expansion to higher revenue from increased unit sales volume and cost reduction initiatives. Looking ahead, China Yuchai announced plans to expand its joint venture with MTU Yuchai to meet rising demand for power generators from data centers.
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