Shanghai Electric Reports FY 2024 H1 Revenue of RMB 49.869 Billion with 22.6% YoY Net Profit Growth

- SHANGHAI, Sept. 6, 2024 /PRNewswire/ -- Shanghai Electric ("the Company") (SEHK:2727, SSE:601727) releases its financial results for the first half of 2024, reporting a revenue of RMB 49.869 billion, with the net profit attributable to shareholders hitting RMB 602 million, a 2.0% increase compared to the previous year. In H1, the Company also achieved a gross profit margin of 19.2%, while cash and cash equivalents stood at RMB 34.102 billion. During the reporting period, Shanghai Electric has continued to advance its strategy for sustainable growth, with sales expenses reduced to RMB 1.362 billion and financial expenses down by 30.58% to RMB 202 million. The Company's research and development (R&D) investment remained steady, with a total of RMB 2.327 billion, consistent with the same period last year. Shanghai Electric's strong focus on high-end equipment manufacturing has delivered positive outcomes across its key businesses. For the energy equipment, the Company generated revenue of RMB 24.654 billion, with a gross profit margin of 20.10%. The industrial equipment division reported revenue of RMB 18.959 billion, achieving a gross profit margin of 17.40%, while the integrated service business posted revenue of RMB 7.961 billion, with a gross profit margin of 16.60%. Overall, Shanghai Electric secured new orders worth RMB 83.66 billion in the first half of the year, an increase compared to the same period last year. Continued innovation and growth driven by a diverse energy portfolio A pioneering force empowering the global energy transition For more information about Shanghai Electric, please visit https://www.shanghai-electric.com/group_en/ . Logo - https://mma.prnewswire.com/media/2346204/Shanghai_Electric_logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/shanghai-electric-reports-fy-2024-h1-revenue-of-rmb-49-869-billion-with-22-6-yoy-net-profit-growth-302240158.html

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