First Tractor Co., Ltd. (00038) announced the results for the year ended December 31, 2023, and the group completed operations...
According to the Zhitong Finance App, First Tractor Co., Ltd. (00038) announced the results for the year ended December 31, 2023. The group achieved total operating income of RMB 11.534 billion, a year-on-year decrease of 8.2%. Net profit attributable to shareholders of listed companies was 997 million yuan, an increase of 46.39% over the previous year. Basic earnings per share were $0.8873. It is proposed to distribute cash dividends of 0.3194 yuan per share (tax included) to all shareholders.
The report shows that in the face of the challenges brought about by the national four switch, the company took the initiative to seize the opportunity of the “Dongfanghong” tractor to fully achieve the national four switch and batch launch. Through a series of measures such as strengthening quality control, speeding up product launch, consolidating the national four service guarantee foundation, and continuing to strengthen the international market, the company sold 72,300 large and medium towing products in 2023, and continued to maintain the industry's leading market share. In terms of international market development, the company continues to be deeply involved in key export regions such as Russian-speaking regions and South America, focusing on adaptability improvements for new products, improving product certification, optimizing product portfolios, and strengthening service guarantees. The overseas market layout continues to expand. The export sales volume of tractor products increased by 43% year-on-year throughout the year.
In the power machinery business, the company's national four diesel engine products were recognized by the market due to their good operating performance and stable performance. They sold 151,100 diesel engines throughout the year, of which 82,500 units were exported, an increase of 7.69% over the previous year.