Affected by the year-on-year decline in coal prices, Shaanxi Coal Industry's revenue and net income for the first half of the year both declined, but still exceeded 10 billion yuan.
According to Cailianshe, due to factors such as the year-on-year decline in coal prices, most coal companies have been under pressure in terms of performance in the first half of the year. Shaanxi Coal Industry, with a total market value of over 23 billion yuan, saw a year-on-year decline in revenue and net income in the first half of the year, but still exceeded 10 billion yuan.
Shaanxi Coal Industry disclosed its semi-annual report this evening, with a revenue of 84.737 billion yuan for the first half of the year, a year-on-year decline of 6.54%; net profit attributable to shareholders of listed companies was 10.556 billion yuan, a year-on-year decline of 8.83%.
Looking at the profitability of individual quarters, financial data shows that the company achieved a net profit of 5.904 billion yuan in Q2, an increase of 26.49% year-on-year, and an increase of 26.91% compared to Q1 of this year.
Regarding the double increase in Q2 net profit, when contacted Shaanxi Coal Industry as an investor, the company replied that it may be due to the impact of non-recurring gain or loss items, and that the change in non-recurring net profit is mainly related to the volume and price of the products.
Financial data shows that the total amount of non-recurring gain or loss items in Q1 was -0.702 billion yuan, and the total amount in H1 was -0.626 billion yuan. The non-recurring net profit in Q2 was 5.828 billion yuan, a year-on-year decline of 8.43%.
In the first half of the year, the company's coal production and sales both increased, while the selling price decreased. According to the interim report, the company achieved a coal production of 86.4067 million tons in the first half of the year, an increase of 2.78% year-on-year; and a coal sales volume of 131.5499 million tons, an increase of 2.29% year-on-year. The coal selling price of the company was 574.96 yuan/ton, a year-on-year decrease of 11.33%, among which the selling price of purchased coal was 638.60 yuan/ton, a year-on-year decrease of 14.33%; and the selling price of self-produced coal was 538.20 yuan/ton, a year-on-year decrease of 9.51%.
Shaanxi Coal Industry is mainly engaged in coal mining, washing, transportation, sales, and production services. Coal products are mainly used in the electrical utilities, chemical, and metallurgical industries. As of the end of 2023, the company has a coal reserve of 18.141 billion tons and a recoverable reserve of 10.441 billion tons.
From the current trend of coal prices, some industry experts believe that in terms of thermal coal, the main contradiction in the current market is still electricity consumption. The recent hot weather in the south has maintained a high level of electricity consumption. Coupled with the lack of rainfall in the southwest region, hydropower output is insufficient, and thermal power plants are operating at their peak. It is expected that there will still be a slight upward trend in the near future. But before the Mid-Autumn Festival, with the realization of real estate and infrastructure consumption, coal prices are expected to fall.