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    Jinneng Holding reports lower revenue and profit for 2023

    sxcoal.com Company,  Production & Sales 2024-01-29 09:59:38

    Chinese coal producer Jinneng Holding Group reported a fall in annual revenue and profit for 2023, according to a meeting held by the company recently.

     

    The producer generated revenue of 502.4 billion yuan ($70.12 billion) and profit of 30.5 billion yuan in 2023, down from 530.9 billion and 32.6 billion yuan respectively in 2022.

     

    The statement released on its website didn't disclose the reason behind the decline, industry insiders noted the slump in coal prices amid improved supply conditions could be the key factor.

     

    In 2023, Jinneng Holding's coal output reached 437 million tonnes, up 2.6% from a year ago, 90% of which came from advanced mining capacity.

     

    The group also generated 92.42 TWh of electricity.

     

    Based in Shanxi province, Jinneng Holding is one of China's largest coal producers and power generators. It is also expanding into manufacturing and renewable energy.

     

    Revenue at its manufacturing division, which produces photovoltaic cells and modules, increased to 17.6 billion yuan as solar capacity expanded by 4.5 GW.

     

    At a workers' meeting, Vice Chairman and General Manager Cui Shujiang outlined plans to deepen reforms and drive higher quality growth in 2024.

     

    The company aims to strengthen safety, optimize its industrial mix, improve operations through budget management reforms, and boost innovation.

     

    Jinneng Holding Group is a state-owned energy company formed in 2020. It was created by merging the former Datong Coal Mine Group and the former Shanxi Jincheng Anthracite Coal as well as some other coal firms in Shanxi province.

     

    (Writing by Alex Guo  Editing by Harry Huo)
    For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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