China heavy equipment maker Sany profit surges 83% in 2019

BEIJING -- China's leading heavy equipment manufacturer Sany Heavy Industry Co Ltd said its net profit rose 83.2 percent year-on-year in 2019 following strong sales growth of its products.

Net profit reached 11.2 billion yuan (about $1.58 billion) last year, Sany said in its annual report filed to the Shanghai Stock Exchange. During the year, Sany raked in revenue of 75.7 billion yuan, up 35.6 percent year-on-year.

Of its major product categories, excavators saw sales rise 43.5 percent year-on-year to 27.6 billion yuan, helping it remain the top seller in the domestic market for the ninth consecutive year, it said.

Meanwhile, sales of concrete machinery and cranes rose 36.8 percent and 49.6 percent to 23.2 billion yuan and 14 billion yuan, respectively.