China Shenhua Energy Company Limited, a flagship subsidiary of China Energy Investment Corporation, announced substantial growth in coal sales in the first quarter of 2024, according to its latest quarterly report.

The company sold a total 111.40 million tonnes of coal through its trading group over the first three months this year, rising 10.0% from a year ago, though the average selling prices dropped 8.2% year on year to 586 yuan/t.

Coal sales under long-term contracts, both annual and monthly, contributed significantly to the sales growth. Annual long-term sales accounted for 58.50 million tonnes, with a relatively low average price of 490 yuan/t.

Coal sales under monthly long-term agreements stood at 36.70 million tonnes, which witnessed the highest trading price of 737 yuan/t averagely, the report noted.

Spot sales totaled 16.20 million tonnes, surging 95.2% on the year. However, average selling prices dropped 20.0% from the year-ago level to 591 yuan/t.

The giant's domestic coal sales rose 9.1% on the year to 115.50 million tonnes, averaging 572 yuan/t, which fell 7.7%. The rise in domestic coal sales was primarily attributed to the increase in self-produced and purchased coal sales, which grew 7.8% to 110.10 million tonnes.

China Shenhua's purchased coal sales increased 30.5% year on year to 36.80 million tonnes in the first quarter, ending the downward trend of the past two years.

Despite the decline in coal trading prices in the first quarter, the company's coal sales ramped up as a whole, except for a 7.1% decrease in imported coal sales.

Additionally, the company's net profit attributable to shareholders decreased 14.7% to 15.88 billion yuan during the same period, while revenue ticked up 0.7% to 87.65 billion yuan, the report said.

(Writing by yan.sun  Editing by Harry Huo)
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