Yankuang Energy Group Co.’s shares are higher after the miner said it would increase its payout to shareholders through bonus shares and cash dividends in the wake of an 80% jump in 2022 profit.
Shares are up 9.8% in mid-morning trade Monday, swinging to positive territory for the year.
The Zoucheng, China-based miner said late Friday that profit in 2022 rose 80% to 30.41 billion yuan ($4.43 billion), with higher coal prices offsetting a drop in total volume of coal sold. Total revenue was up 42%.
Yankuang Energy said it will award five bonus shares and distribute cash dividends of CNY43 to investors for every 10 shares held. The cash dividends include a CNY30.7 regular dividend and a CNY12.3 special dividend.
For 2021, the company distributed a cash dividend of CNY1.60 a share and a special cash dividend of CNY0.40 a share.
The distribution plan will be submitted to shareholders for approval at its annual general meeting.
Yankuang Energy also said it plans to sell 103 million tons of self-produced coal in 2023, up from 91.2 million tons in 2022. It targets sales of 6.2 million tons of coal chemical products, similar to 2022 levels.