Fujian SOEs record profits of 5.8b yuan in Q1

A group of 17 State-owned enterprises (SOEs) that received investments from Fujian SASAC maintained steady profits in the first quarter in 2018, recording total profits of 5.8 billion yuan ($907.8 million), up 52.7 percent year-on-year.

Among these SOEs with high profits, the top five enterprises are Fujian Yejin, Fujian Energy Group, Fujian Petrochemicals Group, Fujian Expressway Group and Fujian Investment & Development Group, with 2.47 billion yuan, 762 million yuan, 726 million yuan, 389 million yuan and 289 million yuan, respectively.

The total revenues of these SOEs amounted to 75.53 billion yuan, a year-on-year rise of 23.5 percent; the owner’s equity totaled 320 billion yuan, up 12.7 percent year-on-year; the total assets reached 1.5 trillion yuan, a year-on-year increase of 7.1 percent; the net profit attributable to owners of the parent company was 2.44 billion yuan; and total taxes reached 4.90 billion yuan, up 78.3 percent year-on-year.

By the end of March, the total revenues of SOEs that received investments from municipal SASACs in Fujian amounted to 184.36 billion yuan, up 12.2 percent year-on-year; the total assets reached 1.9 trillion yuan, up 15.7 percent year-on-year; the owner’s equity totaled 747.01 billion yuan, up 18.9 percent year-on-year; the total profits reached 4.9 billion yuan, a year-on-year rise of 13.6 percent; and the total taxes paid by the SOEs, at 6.86 billion yuan, was up 8.2 percent year-on-year.

The top three cities and districts in Fujian that received the highest profits are Xiamen, Zhangzhou and Putian, with 3.81 billion yuan, 814 million yuan and 199 million yuan, respectively.