SINGAPORE, Aug. 12, 2024 /PRNewswire/ -- China Yuchai International Limited (NYSE:CYD) ("China Yuchai" or the "Company"), one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited ("Yuchai"), today announced its unaudited consolidated financial results for the 2024 first half-year ended June 30, 2024 ("1H 2024"). The financial information presented herein for 1H 2024 and for the 2023 first half-year ("1H 2023") are reported using the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board.  Key Highlights for 1H 2024  Revenue grew by 12.4% to RMB 10.3 billion (US$1.4 billion) compared with RMB 9.2 billion in 1H 2023; Gross profit increased by 16.8% to RMB 1.7 billion (US$242.9 million) compared with RMB 1.5 billion in 1H 2023. Gross margin increased to 16.8% in 1H 2024 compared with 16.2% in 1H 2023; Operating profit grew by 12.7% to RMB 436.9 million (US$61.3 million) compared with RMB 387.7 million in 1H 2023; Basic and diluted earnings per share increased by 34.6% to RMB 5.88 (US$0.83) compared with RMB 4.37 in 1H 2023; Total number of engines sold increased by 16.3% to 192,743 units compared with 165,793 units in 1H 2023; A buyback plan was implemented to repurchase ordinary shares up to US$40 million in dollar amount or 4 million in number, whichever occurs earlier. Revenue was RMB 10.3 billion (US$1.4 billion) compared with RMB 9.2 billion in 1H 2023. The total number of engines sold by Yuchai in 1H 2024 increased by 16.3% to 192,743 units compared with 165,793 units in 1H 2023. The increase was mainly driven by a 35.6% increase in truck engine sales, with heavy-duty truck engine sales up by 32.9%. Additionally, bus engine sales rose by 21.7% and engine sales for industrial applications increased by 13.1%. Sales increased in all product categories except pickups. According to data reported by the China Association of Automobile Manufacturers ("CAAM") in 1H 2024, commercial vehicle unit sales (excluding gasoline-powered and electric-powered vehicles) increased by 4.4% compared to 1H 2023 as truck and bus sales increased by 3.7% and 9.0%, respectively.  Gross profit was up by 16.8% to RMB 1.7 billion (US$242.9 million) from RMB 1.5 billion in 1H 2023. Gross margin grew to 16.8% as compared with 16.2% in 1H 2023. The increases in gross profit and gross margin were mainly attributable to higher engine sales, especially sales of heavy-duty vehicle engines and industrial engines, and contributions from ongoing cost reduction efforts. Other operating income increased by 27.8% to RMB 174.1 million (US$24.4 million) compared with RMB 136.2 million in 1H 2023. The increase was mainly due to government grants and the government's rebate on value-added tax. Research and development ("R&D") expenses decreased by 3.1% to RMB 393.6 million (US$55.2 million) compared with RMB 406.0 million in 1H 2023. The Company continues to invest in research and development for on-road engines in the commercial vehicle markets and off-road engines as well as new energy products. Total R&D expenditures, including capitalized costs, were RMB 463.2 million (US$65.0 million) representing 4.5% of revenue in 1H 2024, as compared to RMB 465.2 million, or 5.1% of revenue, in 1H 2023. Selling, general and administrative ("SG&A") expenses increased by 30.3% to RMB 1.1 billion (US$150.8 million) from RMB 824.7 million in 1H 2023. The increase was mainly due to higher warranty expenses, and higher provision for personnel costs compared with the same period last year. SG&A expenses represented 10.4% of revenue for 1H 2024 compared with 9.0% in 1H 2023. Operating profit increased by 12.7% to RMB 436.9 million (US$61.3 million) from RMB 387.7 million in 1H 2023. The operating margin remained steady at 4.2% in both periods.   Finance costs declined by 23.7% to RMB 40.9 million (US$5.7 million) from RMB 53.6 million in 1H 2023, mainly due to lower bills discounting.   The share of financial results of the associates and joint ventures achieved a 45.4% increase in profit to RMB 43.1 million (US$6.0 million) compared with a profit of RMB 29.6 million in 1H 2023. The improvement was primarily contributed by higher profits at MTU Yuchai Power Company Limited. Income tax expense decreased by 7.4% to RMB 102.4 million (US$14.4 million) as compared with RMB 110.6 million in 1H 2023.   Net profit attributable to equity holders of the Company increased by 34.7% to RMB 240.3 million (US$33.7 million) compared with RMB 178.4 million in 1H 2023. Basic and diluted earnings per share were RMB 5.88 (US$0.83) compared with RMB 4.37 in 1H 2023. Basic and diluted earnings per share for 1H 2024 and 1H 2023 were based on a weighted average of 40,858,290 shares. Balance Sheet Highlights as at June 30, 2024  Cash and bank balances were RMB 6.3 billion (US$890.0 million) compared with RMB 6.0 billion at the end of FY2023; Trade and bills receivables were RMB 10.2 billion (US$1.4 billion) compared with RMB 7.8 billion at the end of FY2023; Inventories were RMB 4.6 billion (US$640.2 million) compared with RMB 4.6 billion at the end of FY2023; Trade and bills payables were RMB 8.6 billion (US$1.2 billion) compared with RMB 7.6 billion at the end of FY2023; Short-term and long-term loans and borrowings were RMB 2.8 billion (US$390.6 million) compared with RMB 2.5 billion at the end of FY2023. Mr. Weng Ming Hoh, President of China Yuchai, commented, "We achieved higher revenue, operating profits and earnings per share compared with the same period last year. These results were generated by a rise in unit sales across the commercial truck and bus sectors, as well ...