China Coal Energy Company (1898) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB189.4 billion, down 1.9% year-over-year, with profit attributable to equity holders at RMB18.16 billion, down 10.0%.

• EBITDA decreased 9.3% to RMB40.59 billion; basic EPS was RMB1.37, down from RMB1.52.

• Coal output reached a record 137.57 million tonnes (+2.5%), and self-produced coal sales rose 2.8%.

• The Board proposed a final dividend of RMB0.258 per share, subject to AGM approval.

• Operating performance, cash generation, and financial structure remained stable despite lower coal prices.

Financial highlights

• Gross profit fell 8.8% to RMB37.92 billion; gross margin declined to 20.0% from 21.5%.

• Net cash inflow from operating activities was RMB34.14 billion, down 20.5% year-over-year.

• Total assets increased 2.5% to RMB357.79 billion; equity attributable to equity holders rose 5.4% to RMB151.71 billion.

• Gearing ratio improved to 24.9%, down 3.6 percentage points.

• Net finance costs dropped 20.3% to RMB2.39 billion due to lower interest-bearing liabilities.

Outlook and guidance

• 2025 plans target over 133 million tonnes of self-produced coal, 1.34 million tonnes of polyolefins, and 2.05 million tonnes of urea.

• The company aims to maintain stable revenue and profits, focusing on cost control, risk management, and innovation.

• Industry trends indicate continued coal dominance in China's energy mix, with increased competition in coal chemicals and equipment.