China’s coal mines profits triple driven by high coal prices

According to the Shaanxi Coal Industry (陕西煤业) semi-annual report, in the first half of 2022, Shaanxi Coal Industry achieved revenues of CNY 83.69 billion (USD 12 billion), a year-on-year increase of 14.86%, and realized a net profit of CNY 24.598 billion (USD 3.6 billion), a year-on-year increase of 196.60%. This makes Shanxi Coal Industry the second most profitable company in China’s western region after the liquor producer Guizhou Moutai.

Profit increases are mostly driven by high coal prices, as coal sales volume decreased by 17.7% while coal prices rose 42 % year on year.

(Sina)

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