Shanxi Coking Coal Energy Group (000983) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥21.57 billion, down 21.73% year-over-year; net profit attributable to shareholders was ¥1.97 billion, down 56.47% year-over-year.

• Gross margin for the main coal business declined, with both sales volume and prices falling compared to the same period last year.

• The company maintained a stable and orderly development, focusing on safety, environmental protection, and efficiency improvements.

• No interim dividend, bonus shares, or capital increase from reserves planned for the half-year.

Financial highlights

• Operating income: ¥21.57 billion, down 21.73% year-over-year.

• Net profit attributable to shareholders: ¥1.97 billion, down 56.47% year-over-year.

• Operating cash flow: ¥1.86 billion, down 58.36% year-over-year.

• Basic and diluted EPS: ¥0.3463, down 58.90% year-over-year.

• Total assets at period end: ¥93.65 billion, up 0.05% from year-end 2023.

Outlook and guidance

• The company will continue to focus on optimizing and strengthening its core coal business, accelerating mergers and acquisitions of advanced coal capacity, and enhancing its market influence and competitiveness.

• Macroeconomic recovery and policy support are expected to sustain coal demand in the second half of 2024.

• Plans to further digitalize and customize coal blending and supply, and to expand green, low-carbon development.