Amidst growing demand, XCMG wins market share in 'Belt and Road' countries
XUZHOU, China, Oct. 17, 2017 /PRNewswire/ -- XCMG (SHE: 000425), the world's leading construction machinery manufacturer, has issued its semi-yearly report showing that the company has achieved revenue growth of 77.44 percent and seen its net profit increase 333.27 percent year-on-year.
The biggest factor contributing to XCMG's success in the first half of 2017 was its strong performance in the international market. With an extensive global sales and service network, XCMG's value to the international market has increased by 84.83 percent year-on-year. Its share of the Chinese export market has also improved by 4 percent.
"XCMG's explosive growth since last year has been the result of not only market factors, but also adjustments to our international strategy and product structure, our breakthroughs in innovative technology, our cultivation of talent and aggressive exploration of new markets. We've seized opportunities in the market," said Wang Min, chairman and president of XCMG.
XCMG has achieved significant success in countries that are participating in China's Belt and Road Initiative (B&R). The company's products are being used in various infrastructure projects across the B&R, where XCMG maintains nine manufacturing bases and KD factories, 116 primary dealers, 73 spare parts stations and 24 offices to provide reliable products and customer support services.
A top 10 construction machinery manufacturer worldwide, XCMG is providing continuous and comprehensive solutions to construction projects in in central Asia, Africa and the Middle East.
XCMG has also emphasized the development of advanced new products that represent the highest technological standards in the industry, including the world's largest 4,000-ton crawler crane, a 2,000-ton all-terrain crane, a 400-ton mining excavator and Asia's tallest aerial fire truck.
"XCMG will endeavor to build upon this phenomenal growth. We will strive to expand our footprint in international markets, including in developed countries that are dominated by competitors. We will continue our successful R&D program and improve the quality of our products so as to offer added value and best compete with other world-class brands," remarked Wang.
XCMG (SHE: 000425) is a multinational heavy machinery manufacturing company with a 74-year history. It currently ranks seventh in the world's construction machinery and exports to more than 177 countries and regions around the globe.