CIMC Vehicles announces 2020 Annual Results
HONG KONG, Mar 25, 2021 - (ACN Newswire via SEAPRWire.com) - The world's leading high-end manufacturer of semi-trailers and specialty vehicles, CIMC Vehicles (Group) Co., Ltd. ("CIMC Vehicles") or the "Group", stock code: 1839.HK) is delighted to announce its annual results for the year ended 31 December 2020. ("Reporting Period") During the Reporting Period, the Group recorded a strong performance in each business segment driven by strong growth in the Chinese market. Annual revenue hit a record high, recording 13.0% growth from 2019 to RMB26,246 million; gross profit margins fell by 1.2pp to 11.7% from 2019 due to the impact of the Covid-19 pandemic; total assets and net assets rose to RMB19,825.2 million and RMB10,448.7 million respectively; net cash flow generated from operating activities significantly increased to RMB2,746.9 million; and return on equity (ROE) reached 12.3%.The semi-trailer business in China recorded strong revenue growth of 45.8% and an increase of 1.9pp in gross profit marginDuring the Reporting Period, the Chinese government promulgated a new development pattern that treats domestic circulation as the mainstay while allowing the dual circulation of domesti...
