Yankuang Energy reported 33.68% rise in 2022 operating income, 89.2% surge in net profit

 

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Chinese coal miner Yankuang Energy said its operating income is expected to reach 203.18 billion yuan in 2022, an increase of 33.68% from a year earlier.

Net profit is estimated at 30.76 billion yuan, an increase of 89.2%, with basic EPS at 6.3 yuan, i said.

The profit growth was mainly due to the sustained high coal prices, amid rises in energy prices both domestically and internationally since last year. 

The group made a provision for impairment losses of about 2.4 billion yuan, which lowered the annual net profit by about 1.2 billion yuan, and meanwhile, it recognized about 1.1 billion yuan in one-time unrecognized financing expenses, which cut last year’s net profit by about 500 million yuan. 

The profitability of the group’s chemical segment declined due to the increase in raw material prices and the weakening downstream demand, it said.