China heavy equipment maker Sany profit surges 192% in 2018

SHANGHAI - China's leading heavy equipment manufacturer Sany Heavy Industry Co Ltd posted a 192.3 percent jump in net profit for 2018 on rises in sales and profit margins.

Net profit attributable to its shareholders totaled 6.12 billion yuan ($912 million), Sany said in its annual report filed to the Shanghai Stock Exchange.

During the year, Sany raked in a revenue of 55.8 billion yuan, up 45.6 percent year-on-year.

Sales of excavators rose 40.8 percent year-on-year to 19.2 billion yuan in 2018, helping it retain the spot of top seller on the domestic market for the 8th consecutive year.

Sales of concrete machinery and cranes jumped 34.6 percent and 78.3 percent to 17 billion yuan and 9.3 billion yuan, respectively.

Sales from the overseas market rose 17.3 percent to 13.6 billion yuan, it said.

The gross profit margin of its products rose by 1 percentage point to 31.1 percent, Sany said.

Shares of Sany closed 1.33 percent higher at 12.95 yuan on Monday.