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China Coal Energy ups dividend as FY'18 earnings rises 33.3%

China Coal Energy Co. Ltd.'s said March 15 that its net profit attributable to shareholders rose by 33.3% to 4.49 billion Chinese yuan in 2018, within its previously announced guidance of between 4.4 billion yuan and 4.8 billion yuan.

The company's board recommended a dividend of 7.8 fen per share, for a total payout of 3.43 billion yuan. This is up from the 5.5 fen per share declared in 2017.

Revenues for the year rose by 27.8% to 104.14 billion yuan, mainly due to higher sales and higher prices in its coal and coal chemical business, as well as a rise in the sales volume of its coal mining equipment operations. Cost of sales rose by 30.3% to 85.88 billion yuan.

The company's gross profit rose by 17% to 18.26 billion as a result of its business expansion plans, an increase in sales prices of major products and cost controls.

Profit from operations rose to 11.85 billion yuan, up 27.5%, while EBITDA rose to 19.40 billion yuan, up 19.6% on 2017.

In January, China Coal Energy said coal production inched up 2.1% year over year to 77.13 million tonnes in 2018, from 75.54 million tonnes in 2017.

As of March 15, US$1 was equivalent to 6.71 Chinese yuan.