SINGAPORE – China Yuchai International Limited (NYSE:) reported higher revenues and earnings for the first half of 2024, driven by increased engine sales in several segments.

The powertrain maker reported first-half revenues of RMB 10.3 billion (US$1.4 billion), up 12.4% year-on-year, while net profit attributable to shareholders rose 34.7% to RMB 240.3 million (US$33.7 million). Earnings per share were $0.83

Total engine sales increased 16.3% to 192,743 units compared to the first half of 2023. Truck engine sales increased 35.6%, with heavy-duty truck engine sales up 32.9%. Bus engine sales increased 21.7%, and industrial engine sales increased 13.1%.

Gross profit increased 16.8% to RMB 1.7 billion (US$242.9 million), with gross margin improving to 16.8% from 16.2% a year earlier. The company attributed this to higher sales of heavy-duty vehicle and industrial engines as well as cost-cutting measures.

“We achieved higher sales, operating profit and earnings per share compared to the same period last year,” said President Weng Ming Hoh, noting growth in the commercial vehicle, bus and SUV markets.

China Yuchai announced a cash dividend of $0.38 per common share, payable on August 28 to shareholders of record on August 19.

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