Heilongjiang SEOs enjoy strong start in 2018

State-owned enterprises (SOEs) supervised by the State-owned Assets Supervision and Administration Commission (SASAC) of Heilongjiang province saw steady growth during the first four months of this year, according to figures from SASAC. 

Combined revenues of the firms hit 15.96 billion yuan ($ 2.49 billion) for the first four months, up 13.6 percent year-on-year, with total profits of 1.15 billion yuan recorded –– a year-on-year rise of 56.3 percent. 

Income, profits and taxes paid by the SOEs have now recorded 23 consecutive months of growth.  

Heilongjiang Longmay Mining Holding Group was one of the firms that have seen solid growth and profits. The mining firm produced 12.82 million tons of raw coal and sold 9.43 tons of commercial coal during the first four months of the year. 

Between January and April, Heilongjiang Construction Group signed contracts worth 7.39 billion yuan, an increase of 2.02 billion yuan over the previous year. It achieved total revenues of 3.9 billion yuan, a year-on-year rise of 28.9 percent.

Heilongjiang Chenergy Investment Group has been making steady efforts in the development of projects in the fields of real estate, electricity and investment, and in the management of its power generation subsidiaries since the beginning of 2018 –– with significant results. It achieved total revenues of 1.61 billion yuan and total profits of 520 million yuan from January to April, representing a year-on-year increase of 438.9 percent and 1972.5 percent respectively.

During the four months, the chemical and real estate businesses of Heilongjiang Zhongmeng Group continued to make profits, although its thermoelectricity business saw a year-on-year decline in total profits due to the huge increase in the cost of coal. As a result, the total revenues of the company rose 23.6 percent year-on-year to 630 million yuan and total profits reduced 15.6 percent year-on-year to 66.34 million yuan during the four months.   

In total, 258 enterprises owned by provincial-level organizations registered combined revenues of 1.03 billion yuan and total profits of 48.56 million yuan, up 30 percent and 24.8 percent respectively. It’s the first time that the enterprises have achieved growth in revenues and profits at the same time since they started being monitored.