Zoomlion Reports First Quarter 2020 Results

Event Calendar Press Releases Tuesday May 19, 2020 08:52
CHANGSHA China--19 May--PRNewswire/InfoQuest

Zoomlion Heavy Industry Science & Technology Co., Ltd. (Zoomlion) announced financial results for its first quarter on April 29. Operating income was 9.066 billion yuan (USD 1.276 billion), 49.9 million yuan (USD 7.05 million) increase versus the prior-year quarter with strong growth seen in concrete machinery, mobile cranes and construction hoisting product sales. Net profit attributable to equity shareholders of the Company was 1.026 billion yuan (USD 145 million), delivering a 2.39% year-on-year growth.

Despite the COVID-19 pandemic, the safety and health of our workforce, partners, and communities, as well as continuing to operate with growth remain the company's top priorities. Zoomlion implemented several precautionary measures to protect the health of returning employees. The high return-to-work rate also ensured the company is meeting the strong and increasing market demand from home and abroad. New business forms such as "Cloud Marketing" have strengthened the business operation and led to better profit results. The revenue growth rate is significantly higher than the average performance in the industry.

Q1 Business Updates

Benefiting from improvements in product competitiveness, the company's stronger business sectors continue to grow steadily, while emerging business sectors have started to boom. The market share reached the highest level in company history.

During the first quarter, the sales volume of Zoomlion's concrete machinery products witnessed strong growth, retaining the leading position in the market. The sales volume of pump truck products increased by 25% year-on-year and reached the highest sales peak in recent years. The market share of mobile cranes has also grown significantly, with sales both at home and abroad, achieving a record high. Zoomlion continues to maintain the leading position in the construction hoisting category. The booming of the agricultural machinery industry has lead to increased sales of the company's agricultural machinery business sector, which significantly improved the company's profitability. New products such as rice seedling throwers have enjoyed a favorable sales figure in the market. Zoomlion actively explored the market in the earth moving machinery sector and achieved a significant year-on-year growth in sales, while the successful launch of the arm aerial work platform bring forth new growth opportunities to the company.

COVID-19 Pandemic

In response to COVID-19, Zoomlion actively took precautionary measures to ensure workplace safety prior to the resumption of work and production. Since returning to work from February 5, the company's production capacity has quickly recovered.

As of the report is being released, the company's production capacity has reached the same level as the time before the outbreak of COVID-19, with the total return-to-work rate reaching 100%. Sales in the second quarter are expected to achieve better growth.

About Zoomlion

Founded in 1992, Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK) is a high-end equipment manufacturing enterprise that integrates engineering machinery, agricultural machinery, and financial services. The company now sells more than 600 cutting-edge products from 55 product lines covering ten significant categories.


Latest Press Release

Nut Walker offers 99 Baht New Year Celebration Promotion

Nut Walker, premium nut snacks brand under Heritage Group celebrates Happy New Year with 3 products from Nut Walker, which are Mixed Nuts Natural Toasted & Salted 150g, Mixed Nuts Deluxe Roasted & Salted 150g from 110 baht to 99 baht. Cashew Nuts...

Panasonic announces the success of the experiment using a Panasonic's air conditioner, verifying of inhibitory effect of nanoe(TM) X technology

Mr. Hiroyuki Muto, Managing Director of Panasonic A.P. Sales (Thailand) Co., LTD., announced the success of an experiment of nanoe(TM) X using Panasonic's air conditioner on the adhered novel coronavirus called SARS-CoV-2 which is the cause of COVID-19....

SCO Secretariat, TCSA jointly host "National Data Brain" Summit

On the afternoon of January 12, 2021, the Shanghai Cooperation Organization (SCO) Secretariat, together with Shenzhen Thousand Cities Strategic Algorithms (TCSA), held a presentation at the SCO Secretariat in Beijing. With "National Data Brain: Driving...

Sunkist introduces special promotion for banana lovers

Sunkist premium pistachio nuts and pistachio milk brand by Heritage Group special promotion for banana lovers with this delicious Sunkist banana puree flavor packed with vitamin e, protein, calcium, and fibers. All 3 sizes include 946ml at 99baht, 3...

KTC offers the option to pay in 0% installments up to 18 months for notebook computers to cater to customers who work from home.

"KTC" or Krungthai Card Public Company Limited, offers all KTC credit cardmembers the option to pay in 0% installments up to 18 months for notebook computers and earn up to 12,000 Baht credit cash back for installment payments of 6 months or more....

Related Topics