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State Dev't & Inv't sees profit up 32% in 2011

Jan. 13, 2012 (China Knowledge) - State Development & Investment Corp or SDIC, the largest state-owned investment holding company in China, reaped RMB 9 billion in profit last year, 32% more than it realized in 2010.

Of the total, RMB 3.4 billion was derived from coal business, RMB 2.5 billion from hi-tech projects, RMB 930 million from transportation sector and RMB 1.2 billion from the financial industry respectively.

The state-owned company's operating revenue increased 24% year on year to RMB 80 billion in 2011.

The large-scale group had RMB 280 billion in total assets as of December 31, 2011, reflecting a year-on-year increase of 18%.

SDIC Huajing Power Holdings Co Ltd<600886>, a major electricity supplier controlled by SDIC, contributed RMB 1.5 billion in net profit last year. In the previous year, profit of SDIC Xinjiang Luobupo Potash Co Ltd and SDIC Xinji Energy Co Ltd<601918> both exceed RMB 1.8 billion.

SDIC said 24 of its branches each reaped more than RMB 100 million in profit last year.

Wang Huisheng, Board Chairman of SDIC, noted the group aims to earn RMB 10 billion in profit and RMB 93.2 billion in operating revenue this year, adding that total assets are expected to reach more than RMB 310 billion by the end of 2012.

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