China North Industries Corporation (Norinco), one of China’s largest defence firms, posted record revenues in 2018 based on expanding exports and a focus on innovation, the state-owned enterprise has announced.
Norinco reported revenues for the year of CNY207 billion (USD31 billion). This was the first year, it said, when sales surpassed a milestone of CNY200 billion. Norinco’s net profit for the year was CNY7.5 billion, which represents a year-on-year increase of 8%. The company’s assets in the year were recorded at more than CNY100 billion.
Norinco attributed its strong performance to “vigorously promoting” exports linked to China’s ‘One Belt, One Road’ development strategy, which aims to secure economic partnerships with many of the world’s emerging economies in Europe, Asia, Africa, and Latin America.
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