Chinese forklift producer Hangcha has released its 2024 financial results, recording modest year-on-year (y-o-y) revenue growth of 1.15% with total revenue for the year of USD2.3 billion.

Shanghai Stock Exchange-listed Hangcha reports overseas revenue for the year was USD960 million, a healthy 4.75% y-o-y increase.

Sales for the year jumped 14.06% y-o-y to 280,000 units while net profit was USD280 million, a y-o-y increase of 17.86%.

“Despite economic headwinds, the company achieved double-digit profit growth and reinforced its leadership in green and intelligent logistics solutions,” Hangcha says of the results.

In 2024, Hangcha delivered 180,000 electric forklifts, a figure it says equates to slashing carbon emissions by 2.2 million tonnes or the planting of 90 million trees.

The research and development investment for 2024 was USD107.7 million, or 4.7% of total revenue.

Hangcha also reports receiving more than 14 million lithium battery orders through the year.

“Looking ahead, Hangcha Group will accelerate global growth through innovation, and build a green, smart ecosystem,” the company states. “With strong new energy products and smart logistics solutions, we aim to shape an efficient, low-carbon, connected future with our global partners."