YANKUANG ENERGY GROUP COMPANY LIMITED By Ben Otto
Yankuang Energy Group Co.'s profit jumped 80% in 2022 as higher coal prices offset a drop in total coal production.
The Zoucheng, China-based miner's profit rose to 30.41 billion yuan ($4.43 billion) from CNY16.94 billion in 2021, the company said late Friday.
Total revenue rose 42% to CNY154.60 billion, with higher prices of coal offsetting a 5.2% drop in the company's total volume of salable coal production.
In 2023, Yankuang plans to sell 103 million tons of self-produced coal, up from 91.2 million tons in 2022, and 6.2 million tons of coal chemical products, similar to 2022 levels. It targets capital expenditure of about CNY150 billion, up from CNY123.63 billion in 2022.
"It is expected that the coal industry will witness the double increases in both supply and demand in 2023, while coal prices will fluctuate at mid-to-high levels," Chairman Li Wei said in a statement. He cited tight global energy supply, the release of advanced production capacity and growth in downstream demand.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
03-26-23 2151ET
