Yankuang Energy Group earned 30.77 billion yuan ($4.47 billion) of net profit in 2022, surging 89.27% from last year, according to the company's annual performance report on March 24.
Its sales revenue from coal business increased 42.05 billion yuan or 50.2% year on year to 125.84 billion yuan in 2022, which accounted for 62.7% in Yankuang's total operation income.
In 2022, the group sold 103.75 million tonnes of commercial coal, of which 91.17 million tonnes were produced by its own mines.
Its production of commercial coal reduced 5.2% year on year to 99.53 million tonnes, mainly due to production disruption at Yancoal Australia.
"Both coal supply and demand are expected to go up this year, supporting coal prices to run volatile at the medium-to-high levels," said the chairman of Yankuang Energy in the statement, noting tight supply in global energy market, the release of advanced capacity and growth in downstream demand will affect coal supply and demand dynamics this year.
Yankuang's satisfactory performance in 2022 should attribute to the upticks in coal prices, analyst with Sealand Securities pointed out.
As coal production further picks up after production capacity of Jinjitan mine being expanded to 17 million tonnes per annum and Yingpanhao coal mine starting production, along with production restoration of Yancoal Australia, Yangkuang's coal business will continue to prosper, the securities company added.
(Writing by Shengnan Liu Editing by Harry Huo)
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