中文
Shandong Energy Group, one of China's largest coal producers, reported net profit of 36 billion yuan ($5.03 billion) for 2023, a good performance in the condition of falling coal and chemical prices.
The state-owned group outperformed all other provincial state-owned enterprises in Shandong province, according to the provincial State-owned Assets Supervision and Administration Commission.
Its net asset return ratio was 9.38%, operating cash flow ratio 20.29% and research and development spending intensity 3.09% -- all at industry-leading levels, the commission said.
For the full year, the group achieved operating revenue of 852 billion yuan and total assets surpassed 1 trillion yuan for the first time.
It raised its asset securitization rate to 75% from 36%, by injecting quality coal and chemicals assets into listed firms.
Shandong Energy also ranked fifth among Chinese energy giants and 22nd among all Chinese firms on the Fortune Global 500 list for 2023.
The company said it would focus on green and high-quality development while deepening reforms to strengthen its position as a world-leading enterprise. It aims operating revenue of 800 billion yuan in 2024.
Merged with the former Yankuang Group in July 2020, the new group is engaged in mining, high-end chemicals, electricity, new energy and new materials, high-end equipment manufacturing, and modern logistics and trade.
The company has a combined coal production capacity of 340 million tonner per annum at home and abroad.
(Writing by Alex Guo Editing by Harry Huo)
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