On July 9, China Shipbuilding Industry Group Power (CSICP) released the Announcement of 2024 Semi-annual Results Increase.
The announcement disclosed that CSICP expected to achieve net profit attributable to owners of the parent company of about RMB459 million to RMB516 million ($63 million to $70.9 million) for the half-year of 2024, which will increase by about RMB172 million to about RMB230 million (about $23.63 million to $31.6 million), an increase of 60% to 80%, compared to the same period of the previous year.
According to the announcement, the main reason for CSICP’s performance change was that the marine industry was developing well and the sales scale of the diesel engine sector continued to expand in the first half of 2024, with orders increasing significantly; the order price and gross profit margin of its main product, marine low-speed engines, also increased, and the sales volume of engines with higher gross profit margins increased year-on-year.
The sales scale of CSICP marine machinery expanded in the first half of 2024, and orders for products with higher gross profit margins grew, and profits improved year-on-year.