SSE-listed firms post $163.2b profits in Q1 ’24

Companies listed in the Shanghai Stock Exchange (SSE) reported strong profits in the first quarter of 2024, with combined earnings reaching 1.16 trillion yuan ($163.2 billion), Xinhua reported on Tuesday, citing the bourse.

The advanced manufacturing sectors were the primary drivers of this growth, with total revenue reaching 11.91 trillion yuan.

The majority of listed companies reported year-on-year growth in revenue and net profits. More than 930 companies saw revenue increase, and over 900 companies experienced a rise in net profit attributable to the parent company.

The SSE reported strong performance in advanced manufacturing sectors like automotive, biomedicine, mechanical equipment, and electronics.

Companies credited their growth to a number of factors such as high market demand, investments in R&D, digitalisation, automation of production, and successful international expansion.