SHANGHAI, May 16, 2024 /PRNewswire/ — SANY Heavy Industry (“SANY” or “the Company”; SSE: 600031), a leading heavy machinery manufacturer, has reported a strong growth in international revenues in its recently announced annual results for 2023.

The Company reported RMB 74.02 billion (US$10.43 billion) in total revenues for the year 2023, down 8.44% year-on-year. Despite a challenging market, the decrease in revenue showed a narrowing decline of 15.92 percentage points compared to the previous year’s changes.

SANY’s net profit totaled RMB 4.6 billion (US$648.74 million) in 2023, posting a 4.16% year-on-year expansion. Its net cash flows from operating activities surged by 39.20% to reach RMB 5.7 billion (US$803.87 million).

The year 2023 was pivotal for SANY as its international business flourished. In 2023, the Company recorded RMB 43.3 billion (US$6.1 billion) in international business revenues, marking an 18% year-on-year increase and accounting for nearly 60% of its main business revenues.

Such significant growth highlights SANY’s successful transition to a multinational engineering machinery conglomerate, with its sales spanning over 180 countries and regions. The sales revenues in Asia and Australia amounted to RMB 16.5 billion (US$2.32 billion), up 11.1% year-on-year, while the European region generated RMB 16.25 billion (US$2.3 billion), a substantial growth of 37.97%. The American market brought in RMB 7.58 billion (US$1 billion), rising 6.82%, and the African region contributed RMB 2.92 billion (US$411.8 million), up by 2.56%.

“SANY boasts a vibrant overseas market, top-tier partners, and an energetic local team,” said Xiang Wenbo, chairman of SANY Heavy Industry. “Looking ahead this year, we remain committed to our ‘Globalization, Digitalization and Decarbonization’ strategy, as we continue to work with global partners to explore green development.”

SANY’s financial performance in 2023 demonstrated substantial improvements, with a notable increase in gross profit margin to 27.71%, up by 3.67 percentage points from the previous year, exceeding the industry median. Additionally, net profit attributable to shareholders rose to RMB 4.52 billion (US$637.4 million), a 5.53% year-on-year increase, and adjusted net profit after non-recurring items surged by 40.35% to RMB 4.38 billion (US$617.7 million). While the main gross profit margin and net profit margin grew, the Company also drove its operation growth. In terms of product lines, excavating machinery, lifting machinery and road machinery performed strongly during the reporting period. In addition, electric products realized revenues of RMB 3.146 billion (US$449.4 million) and hydrogen energy products realized revenues of RMB 130 million (US$18.6 million).

For more information about SANY Group, please visit http://www.sanyglobal.com or follow us on Facebook or YouTube.

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Powered by Finastra Phoenix and Digital Banking, plus an expanded suite of solutions, the bank will enhance its user experience for both businesses and consumers  

LAKE MARY, Fla., May 16, 2024 /PRNewswire/ — Finastra today announced that Cache Valley Bank, a community bank with $2.9 billion in assets serving Utah and Southern Idaho, has expanded its collaboration with the financial software provider, gaining increased flexibility and agility through its cloud-based solutions. The bank will leverage Finastra Phoenix for its core, Finastra Digital Banking for consumer and business mobile banking, and a suite of ancillary solutions to enhance its operations and future-proof its technology stack.

Cache Valley Bank expanded its relationship with Finastra to modernize its core banking infrastructure and to reinvent its business with cutting-edge abilities and increased efficiencies across its operations. The bank is enhancing its Finastra core solution while replacing its digital banking infrastructure with Finastra’s robust end-user engagement platform, making it well-positioned to quickly and efficiently adapt to emerging opportunities and to better deliver an enhanced user experience for businesses and consumers across the markets it serves.

When the bank recognized that its legacy digital banking solution could not offer the enhanced customer experience it wanted to deliver, it chose Finastra for its underlying technology, flexibility, and ecosystem. “For more than two decades, we have worked with Finastra to power our bank through their innovative, thoughtful, and efficient solutions,” said Mike Lemon, chief financial officer at Cache Valley Bank. “When it came time to seek a new partner for our digital banking needs, we knew it made sense to expand our relationship with Finastra, as they offer the experience, stability, and access to innovation we need to deliver an enhanced customer experience.”

The bank has a strategic vision to migrate all on-premises software to the cloud over time. Finastra Phoenix and Digital Banking support this goal and are designed to seamlessly migrate to the cloud, enabling the optimization of back-office resources and architecture. This shift will allow the bank to focus on its other priorities, such as the customer experience, more closely.

“To enable future growth, Cache Valley Bank needed an intuitive and user-friendly tech stack powered by the latest innovations in financial services,” said Swathy Parthasarathy, chief operating officer, Universal Banking at Finastra. “Our core solution, digital banking, and our overall suite of services give the bank the agility and innovative capabilities needed to continue to be a leader in the market, grow its footprint, and increase efficiencies. We’re honored to be a part of their growth journey.”

Recognizing the importance of applying data to inform decision-making, the bank has added Finastra’s Fusion Analytics business analytics tool as well. The solution helps community banks gather and aggregate their customers’ current relationships, behaviors, and lifestyle attributes to identify opportunities for growth and profitability.

As part of the bank’s migration to its new suite of services, it also benefits from access to Finastra’s fintech ecosystem, leveraging partners such as Glia, a digital automation platform offering enhanced customer service. The bank additionally will implement Enterprise Content Management, Item Processing, and Rapid Wires from Finastra’s suite of ancillary solutions.

About Finastra

Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning software solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by over 8,000 institutions, including 45 of the world’s top 50 banks.

For more information, visit finastra.com

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Sapiens’ Insurance platform on Microsoft Azure cloud will enable quick launch of products and accelerate market expansion

ROCHELLE PARK, N.J., May 16, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, today announced that Republic Life, a Caribbean-based company, has gone live with Sapiens CoreSuite for Life & Annuities, and Sapiens Digital Suite hosted on Microsoft Azure cloud.

Sapiens’ solutions enabled Republic Life Insurance to become the first Caribbean insurer to provide a fully digital, direct-to-customer offering. The digital-by-design process allows consumers to acquire life insurance policies, with point-of-sale decisioning, and service their policies through the innovative customer portal. The solution will also allow Republic Life Insurance to launch new products quickly and meet the ongoing administrative needs of customers, ensuring exceptional service, which will accelerate their growth and expansion in the marketplace.

“Our main objective was to disrupt the life insurance market whilst offering an enhanced customer experience and create an entirely digital insurance company. Sapiens’ state-of-the-art, digital insurance platform empowered us to be the first Caribbean insurer to achieve that, and we were able to implement within 11 months,” said Robert Soverall, Managing Director, Republic Life Insurance. “What really stood out is Sapiens’ innovative customer portal and their dedicated implementation and technical support teams who fully share our vision for success.”

“We are delighted to enable Republic Life Insurance to make a historic impact in the Caribbean life insurance market with the region’s first fully online, digital customer experience,” said Roni Al-Dor, Sapiens President & CEO. “This ground-breaking insurance launch exemplifies Sapiens’ commitment to deliver best-in-class solutions and a mutually rewarding team experience. We are confident that Republic Life Insurance has the tools in place to reduce the insurance/protection gap through innovative customer experiences.”

Sapiens DigitalSuite is a comprehensive, cloud-native, future-proof digital engagement suite specifically designed to enable, sustain and grow insurance businesses through its configurable and dynamic, persona-based portals that revolutionize the customer experience. Sapiens CoreSuite for Life & Annuities is a state-of-the-art, digital software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement.

About Republic Life Insurance

Republic Life Insurance Company Limited, a subsidiary of Republic Financial Holdings Limited, is responsible for the management and underwriting of the Group’s Life Insurance for personal loans, residential mortgages, and personal credit cards. For more information visit https://republiclifett.com/

About Sapiens

Sapiens International Corporation (NASDAQ and TASE: SPNS) empowers the financial sector, with a focus on insurance, to transform and become digital, innovative, and agile. With more than 40 years of industry expertise, Sapiens’ cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers’ digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers’ compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management. For more information visit https://sapiens.com or follow us on LinkedIn 

Investor and Media Contact 

Yaffa Cohen-Ifrah 
Chief Marketing Officer and Head of Investor Relations
Sapiens International 
Email: [email protected] 

Forward-Looking Statements 

Certain Certain matters discussed in this press release that are incorporated herein and therein by reference are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that are based on our beliefs, assumptions and expectations, as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate,” “believe,” “estimate,” “expect,” “may,” “will,” “plan” and similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the degree of our success in our plans to leverage our global footprint to grow our sales; the degree of our success in integrating the companies that we have acquired through the implementation of our M&A growth strategy; the lengthy development cycles for our solutions, which may frustrate our ability to realize revenues and/or profits from our potential new solutions; our lengthy and complex sales cycles, which do not always result in the realization of revenues; the degree of our success in retaining our existing customers or competing effectively for greater market share; the global macroeconomic environment, including headwinds caused by inflation, relatively high interest rates, potentially unfavorable currency exchange rate movements, and uncertain economic conditions, and their impact on our revenues, profitability and cash flows; difficulties in successfully planning and managing changes in the size of our operations; the frequency of the long-term, large, complex projects that we perform that involve complex estimates of project costs and profit margins, which sometimes change mid-stream; the challenges and potential liability that heightened privacy laws and regulations pose to our business; occasional disputes with clients, which may adversely impact our results of operations and our reputation; various intellectual property issues related to our business; potential unanticipated product vulnerabilities or cybersecurity breaches of our or our customers’ systems; risks related to the insurance industry in which our clients operate; risks associated with our global sales and operations, such as changes in regulatory requirements, wide-spread viruses and epidemics like the coronavirus epidemic, and fluctuations in currency exchange rates; and risks related to our principal location in Israel and our status as a Cayman Islands company.

While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those expressed or implied by the forward-looking statements. Please read the risks discussed under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2023, to be filed in the near future, in order to review conditions that we believe could cause actual results to differ materially from those contemplated by the forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.

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