State-owned Shaanxi Coal and Chemical Industry Group saw revenue and profit hit all-time highs in 2023, as the miner ramped up coal and power output while expanding into new energy and chemicals.

Revenues for the full year came in at 529.2 billion yuan ($73.96 billion), an increase of nearly 20 billion yuan year-on-year, the group said. Net profit was 43.1 billion yuan, completing 110% of its annual task assigned by the Shaanxi provincial state-owned assets regulator.

Coal production for the year reached 247 million tonnes, up 6% from 2022. Production of various chemical products exceeded 20 million tonnes for the first time, rising 4% year on year. Power generation increased 5.5% to 54.4 TWh. Crude steel output reach 11.61 million tonnes.

Safety performance improved with accidents and fatalities down 50% from a year earlier. The company added new coal production capacity of 10 million tonnes per annum (Mtpa) last year.

Substantial progress was ahieved for major projects, including commissioning Huangling power plant phase two and trial run of the Xizhuo coal mine.

The group has been on the Fortune Global 500 for nine straight years, ranking 169th in 2023.

(Writing by Alex Guo  Editing by Harry Huo)
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