Shanghai stock exchange reports strong profits for listed companies in Q1
Date
5/21/2024 8:07:29 AM
(MENAFN) The Shanghai stock exchange released encouraging figures on Tuesday, revealing that companies listed on the exchange collectively generated profits totaling 1.16 trillion yuan (approximately 163.2 billion U.S. dollars) in the first quarter of the year. This impressive financial performance was accompanied by robust revenues amounting to 11.91 trillion yuan during the same period.
Among the 1,702 companies listed on the exchange, a substantial portion experienced positive growth trajectories, with 931 entities recording year-on-year increases in revenues and 903 companies reporting rises in net profit attributable to the parent company. Notably, companies operating within advanced manufacturing sectors such as automotive, biomedicine, mechanical equipment, and electronics demonstrated particularly strong performances in the first quarter.
The bourse attributed this growth to several key factors, including buoyant market demand, ongoing investments in research and development of new products, the adoption of digital and intelligent upgrades across production lines, and the successful expansion efforts in overseas markets. These strategic initiatives have evidently contributed to the sustained success and resilience of listed companies despite ongoing market challenges and uncertainties.
Highlighting the continued momentum in business activities, the exchange noted that over 140 listed companies have issued approximately 280 announcements related to the signing of significant contracts and project bids as of May 17. This underscores the proactive engagement and strategic positioning of companies listed on the Shanghai Stock Exchange as they navigate evolving market dynamics and capitalize on emerging opportunities to drive growth and innovation.
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