China North Industries Corporation (Norinco), China’s most important military vehicle manufacturer, said on 14 January that it had achieved its “steady growth target” for fiscal year 2019.
The state-owned group said its revenues in 2019 reached CNY212.5 billion (USD31 billion), a 2.6% increase over the CNY207 billion it registered in 2018. Norinco said its net profit for the year was CNY8 billion, a year-on-year increase of 6.4%.
Norinco attributed its growth in 2019 to its continued emphasis on technology innovation for the Chinese military as well as an expansion in exports in support of the Chinese government’s Belt and Road Initiative.
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