Baotou Steel Union Co., a state-owned steelmaker and mining enterprise located in China's Inner Mongolia Autonomous Region, released its audited financial report on Friday, reporting an astonishing growth in its net income in 2017.
The report shows that the company generated a total of over RMB 53.68 billion in its operating revenue last year, a year-on-year increase of 73.02 percent. What's more, its net income surged more than 23 times during the past year to hit around RMB 2.06 billion.
According to the report, the company's basic earnings per share also rose over 16 times last year to hit RMB 0.0452. Its weighted average rate of return on equity climbed 4.0907 percentage points to finish the year at 4.2707 percent.
The company's total assets had increased by 3.68 percent to RMB 146.64 billion by the end of 2017, while its net cash flow had grown by 13.44 percent year on year to nearly RMB 7.33 billion.
By exporting a total of over 1.6 million tons of steel products during the past year, the company earned $859 million in export income, growing by 50.46 percent on a yearly basis. Its steel products entered as many as 56 countries and regions including 22 countries covered by the Belt and Road Initiative.
Moreover, the company laid a solid foundation for its access to the Latin American market with the export of its galvanized products to Brazil last year.
The company was ranked 13th by the output of crude steel in the industry last year.
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The report shows that the company generated a total of over RMB 53.68 billion in its operating revenue last year, a year-on-year increase of 73.02 percent. What's more, its net income surged more than 23 times during the past year to hit around RMB 2.06 billion.
According to the report, the company's basic earnings per share also rose over 16 times last year to hit RMB 0.0452. Its weighted average rate of return on equity climbed 4.0907 percentage points to finish the year at 4.2707 percent.
The company's total assets had increased by 3.68 percent to RMB 146.64 billion by the end of 2017, while its net cash flow had grown by 13.44 percent year on year to nearly RMB 7.33 billion.
By exporting a total of over 1.6 million tons of steel products during the past year, the company earned $859 million in export income, growing by 50.46 percent on a yearly basis. Its steel products entered as many as 56 countries and regions including 22 countries covered by the Belt and Road Initiative.
Moreover, the company laid a solid foundation for its access to the Latin American market with the export of its galvanized products to Brazil last year.
The company was ranked 13th by the output of crude steel in the industry last year.
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