Jinneng Holding Shanxi Coal Industry Co., Ltd. achieved a net profit of 3.30 billion yuan ($455.3 million) in 2023, an increase of 8.27% from the previous year, according to the company's annual operation announcement.

Its operating income dropped 4.6% year on year to 15.34 billion yuan in 2023.

The company boasts premium thermal coal products with low ash, low sulfur and high calorific value, which have gained wide recognition from customers in power, cement and building materials industries.

Jinneng's raw coal output rose 5.75% to 34.69 million tonnes in 2023, and its commercial coal sales increased 10.21% to 30.10 million tonnes, yet revenue from coal business fell 4.86% to 14.9 billion yuan.

In terms of reserves, its Tashan mine has mineable reserves of 1.57 billion tonnes, mainly for gas coal, 1/3 coking coal and metamorphic coal. The Selian mine holds mineable reserves of 383 million tonnes, mainly for non-caking coal and long-flame coal. As of end-2023, the company's reserves totaled 4.14 billion tonnes.

In 2024, the company plans to extract 34.5 million tonnes of raw coal, basically unchanged over 2023, and sell 29.4 million tonnes of commercial coal, down 2.3% year on year.

Years of mining have led to coal production into deeper seams. This has raised concerns about growing cost and likelihood of accidents associated with gas leaks, fires, and flooding.

The quarterly report, issued on the same day, showed its operating revenue declined 1.53% year on year to about 3.66 billion yuan over the period, while net profit increased 9.77% to 780 million yuan.

(Writing by Shengnan Liu  Editing by Alex Guo)
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