Zoomlion Heavy Industry Science & Technology Co (Zoomlion) has reported a 116.42 per cent increase in profit of RMB 4.371 billion ($616.18 million) for the year ending December 31, 2019, according to its annual report released on March 30, 2020. The company?s yearly operation revenue reached RMB 43.307 billion ($6.105 billion), a 50.92 per cent year-on-year increase.

According to the report, Zoomlion has maintained its position as the top holder of market shares in the hoisting machinery and concrete machinery sectors, ranking No 1 for sales of construction hoisting machinery products and achieving the best performance in engineering hoisting machinery market in the past five years.

?The quality and steady growth of Zoomlion is the result of our continuing advancement and the company?s persistence in high-quality development and innovation for digital transformation. Zoomlion has delivered the best operating performance in history with significant improvements in management, risk control and resource coordination capabilities,? said Yang Duzhi, Board Secretary of Zoomlion.

Zoomlion has introduced a series of measures to control and manage the cost to achieve healthy growth. The annual gross profit in 2019 was increased by 67.14 per cent to RMB 12.993 billion ($1.83 billion), while the expense ratio was lowered by 0.96 per cent.

Zoomlion?s operational cash flow in 2019 was also the best in the history of the company at RMB 6.219 billion ($876.69 million), a 22.81 per cent increase year-on-year.

?In future, Zoomlion will focus on exploring new technologies and concepts such as industrial Internet, big data, blockchain and AI. We are confident we can continue to lead China?s manufacturing industries and create more significant earnings and greater value for all shareholders,? said Yang.

While promoting high-quality improvement, Zoomlion also fulfilled its corporate social responsibilities ? procuring medical supplies in support of the control and prevention of COVID-19 in China. Zoomlion also participated in the construction of makeshift hospitals including the Huoshenshan and Leishenshan field hospitals and donated nearly 800,000 masks to more than 40 countries worldwide.