On 19 July 2018, Yancoal’s parent company, the Yankuang Group (Yankuang), debuted on the US Fortune Magazine’s 2018 Global 500 list. The Global 500, is an annual ranking of the top 500 corporations worldwide as measured by revenue and the list is compiled and published annually by Fortune magazine.The company made this list with an operating revenue of US$30.0947 billion. The inclusion of the company in Fortune’s global annual list confirms Yankuang as one of the world’s top companies and is a milestone for the Chinese state-owned enterprise’s implementation of the Chinese policy of “replacing old drivers with new ones” and high quality and efficient development.
In recent years, Yankuang Group has adopted a series of innovative and transformative measures to successfully grow its business.
In 2017, Yankuang realised coal output of 135 million t, with its operating revenue standing at RMB199.2 billion, total assets of RMB287.8 billion, and profit before tax of RMB15.3 billion. These were the company’s best results in the last five years. For the first half of 2018, Yankuang’s total output of coal was 81.82 million t, an increase of 54.84% on a year-on-year basis, with gross profit of RMB3.3 billion, a year-on-year increase of RMB1.967 billion, with its total assets breaking through the threshold of RMB300 billion and hitting a new record high.
According to the company, Yankuang will take the Global 500 list as a new starting point, and the company will aim to push for reform, innovation, transformation and improvement of development quality and efficiency via adoption of the concept of localised management.
Read the article online at: https://www.worldcoal.com/coal/23072018/yankuang-group-makes-debut-on-2018-fortune-global-500-list/