CIMC reports Q3 2024 results

CIMC Group has released its third quarterly results report of 2024, showing a year-on-year revenue increase of 35 per cent.

The company reports that from January to September 2024, CIMC achieved a revenue of 128.971 billion RMB (approx. €16 billion). The net profit attributable to the parent company was 1.828 billion RMB (approx. €280 million) representing an increase of 268.87 per cent year-on-year.

In the first three quarters, CIMC focused on improving quality and efficiency, adhering to high-quality development, solidly promoting the qualitative growth of its core logistics and energy equipment manufacturing businesses, and actively accelerating the development of new momentum in emerging businesses, the company said in a statement.

In the logistics services business, both revenue and profitability index experienced year-on-year growth, with core product lines achieving increases in both business volume and price. The group’s logistics services business focused on customer-specific needs, deepened organisational integration to support the theme of high-quality development, and targeted overseas markets such as the United States and Southeast Asia, while enhancing its digital intelligence capabilities.

In the third quarter, CIMC further expanded sea freight service chain, focusing on advancing air freight routes connecting Central Asia and expanding product offerings for European lines. It also integrated internal specialised land transport resources to establish a land transport company to carry out external operations.

Meanwhile, within the road transportation vehicle business, CIMC sold a total of 94,749 vehicles in the global market, achieving revenue of 15.823 billion RMB (approx. €2 billion), representing a year-on-year decrease of 19.14 per cent.

In the domestic market, the growth of the logistics and transportation sector slowed down, putting pressure on the terminal market of commercial vehicles, however, thanks to the StarLink Project, the overall domestic vehicle sales have seen a commendable increase year-on-year against the trend, the company said.

In the overseas market, as the demand for semi-trailers in North America returned to a normal level, the sales of semi-trailers there declined year-on-year in the first three quarters; demand in the European semi-trailer market decreased, affected by the fluctuation in shipping supply chain of European routes.

CIMC Vehicles actively advanced supply chain restructuring and business integration in Europe while actively exploring new customers in other overseas markets at the same time. Meanwhile, its Australian operations maintained a growth trend.

In other news, Lineage has announced it has acquired the assets of ColdPoint Logistics.

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