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Yanzhou Coal quadruples FY'17 dividend on 346% increase in net profit

Yanzhou Coal Mining Co. Ltd. said March 23 that it quadrupled the final dividend for 2017 to 48 Chinese fen per share, from 12 fen per share in 2016, due to a 346% increase in profit for the year.

Net income attributable to shareholders in the period jumped to 7.36 billion yuan, or 1.50 yuan per share, from 1.65 billion yuan, or 34 fen per share, in 2016.

Sales for the year ended Dec. 31, 2017, increased 58% to 52.67 billion yuan, from 33.27 billion yuan. Gross profit, on the other hand, doubled to 18.92 billion yuan, from 9.46 billion yuan, while total sales costs rose to 34.40 billion yuan, from 22.49 billion yuan.

For full-year 2017, Yanzhou produced 85.6 million tonnes of raw coal and 79.9 million tonnes of salable coal, both reflecting a 28% increase from 66.7 million tonnes of raw coal and 62.4 million tonnes of salable coal in 2016. Total sales for the salable coal increased 29% to 96.8 million.

The company expects its CapEx in 2018 to increase to 9.72 billion yuan, compared to 6.90 billion yuan in 2017.

As of March 26, US$1 was equivalent to 6.27 Chinese yuan.