Home Business Net profit of China’s central SOEs hit $73.9 bn in Q1

Net profit of China’s central SOEs hit $73.9 bn in Q1

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BEIJING, April 16 17th April, 2022 (WAM) — China’s centrally administered state-owned enterprises (SOEs) saw solid revenue and profit growth in the first three months of 2022, the country’s top state-asset regulator said in a statement carried by Xinhua.

The net profits of central SOEs expanded by 13.7 percent from a year ago to 472.3 billion yuan (about $73.9 billion) in Q1, said the State-owned Assets Supervision and Administration Commission of the State Council.

The central SOEs raked in 9 trillion yuan in combined revenues during the period, an increase of 15.4 percent year on year.

It noted improvements in the central SOEs’ research and development investments and productivity in the period, and urged a stronger commitment to accomplishing annual goals against headwinds.

WAM/Hatem Mohamed

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