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One of China's largest coal producers sees 28% profit growth for 2021

Asia / Mining industry

Growing sales of coal, as well as higher prices for coal and polyolefins, led to an increase in profits for China Shenhua Energy Company Limited.

One of China's largest coal producers sees 28% profit growth for 2021

China Shenhua Energy Company Limited, one of China's largest coal producers, announced that its net profit for 2021 will increase by 28% year on year due to higher coal sales and a higher price.

The aforementioned company's net profit for last year is expected to reach about 50.3 billion yuan (approximately US$7.9 billion), up 11.1 billion yuan from 2020, the corporation said in a statement sent to to the Shanghai Stock Exchange.

Growing sales of coal, as well as higher prices for coal and polyolefins, led to an increase in the company's profit.

However, factors such as rising production costs and declining ROI have prevented higher profit growth, the statement said.

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