GRG Banking revenue surges, profitability declines in 2024

GRG Banking Equipment (SZSE:002152) announced its preliminary 2024 financial results, showcasing strong revenue growth but a decrease in profitability. The company's total revenue surged to RMB 10.86 billion, a 20.07% increase year-over-year. However, net profit attributable to shareholders declined by 6.13% to RMB 917.08 million. Excluding non-recurring items, net profit fell by 8.56% to RMB 747.8 million. Basic earnings per share decreased to RMB 0.37. The company’s total assets increased to RMB 28.09 billion, a 7.40% increase, while net assets attributable to shareholders reached RMB 12.58 billion, a 4.76% rise. GRG Banking attributed the revenue growth to strategic expansion and core technology development, particularly in the computing power sector.