Shanxi Coking coal group net surges 4000%

Shanxi Coking Coal Group released first half year perfromance report on August 13.

The company said it realized 3.508 billion yuan of sales imcome in the first half year of 2018, yearly rising by 31.33%, and posted 823 million yuan of net profit at the same time, yearly surging 4038.96%.

Shanxi Coking Coal Group Co., Ltd. is a Chinese state-owned coal mining conglomerate and a holding company, as one of the seven coal conglomerates that had a production capability of over 100 million metric tons in China in 2011.  Shanxi Coking Coal Group was ranked 337th in 2016 Fortune Global 500.

The company was owned by the State-owned Assets Supervision and Administration Commission (SASAC) of Shanxi Provincial People's Government (zh), which Shanxi SASAC injected several provincial government owned companies into the holding company in order to centralize the production of coal and coke in one business group.

The holding company is the parent of three publicly traded companies: Nafine Chemical Industry Group, Shanxi Coking Company and Xishan Coal and Electricity Power.

As at 31 December 2015, Shanxi Coking Coal Group had a mining capability of 86.9 million metric tons per year, according to National Energy Administration, with some capability were not disclosed, such as Shaqu mine (Chinese: 沙曲矿) of Huajin Coking Coal.

Report said that coking business is still the main business for the company, but chemical production business has more growing potential with rising crude oil price and capacity utilization.

The company has 357,000 tons/year of methanol from coal, 100,000 tons/year of refined crude benzol and 80,000 tons of coal black.

With effection of limited production, the company was in red in 2017.