China’s CASC reports strong growth for 2020

The China Aerospace Science and Technology Corporation (CASC) – one of the country’s most important defence industrial enterprises – has reported strong financial growth for 2020, it announced on 26 January. The state-owned corporation said that its 2020 revenues increased year on year by 7% to CNY267.74 billion (USD41.4 billion) and that its total profit in the year was CNY24.22 billion, a rise of 11.7% from the previous year.

CASC added that during the past year its “labour productivity” increased by 9.5%, its investment in “innovation development” activities was CNY1.96 billion, and that it had consolidated group assets worth CNY640 million. CASC said in a statement that its financial results were notable, given new challenges in the year.

“In 2020 the group went through an extraordinary development process,” said CASC in a statement. “The group overcome a complex international situation and the sudden impact of Covid-19 … to achieve major achievements in supporting the development of a world-class military.”

CASC also said that its yearly performance was aligned with the expansion it had achieved under China’s 13th Five Year Plan (FYP) during 2016 to the end of 2020. During these five years, it said, its revenues reached CNY1.2 trillion – or an average of CNY240 billion a year – and its total profits were more than CNY100 billion. CASC’s total assets at the end of 2020 were worth CNY510 billion, it said.