China Yuchai International Ltd (NYSE: CYD) saw its stock soar 5.97% in Wednesday's after-hours trading session, following the release of the company's strong fiscal year 2024 financial results. The engine manufacturer reported robust revenue growth of 6.6% year-over-year, driven by a 13.7% increase in engine sales, outperforming the Chinese truck and bus vehicle markets.

The company's profitability also improved significantly, with gross profit rising 10.8% and a higher gross margin of 14.7%, up from 14.1% in FY 2023. Net profit attributable to shareholders increased as well, reaching RMB 323.1 million (USD 44.9 million), compared to RMB 285.5 million in FY 2023. These positive results were further bolstered by a 63.6% year-over-year growth in profits from associates and joint ventures.

China Yuchai's strong performance was underpinned by its strategic agreements and market expansion efforts, such as the partnership with Kim Long Motu in Vietnam for technology licensing. Additionally, the company maintained a robust cash position with cash and bank balances of RMB 6.4 billion (USD 895 million) as of December 31, 2024, despite share repurchases and dividend distributions.