Briefly

PipeChina net profit up 7.2% in 2022

China Oil and Gas Piping Network Corp, or PipeChina, saw its net profit rise 7.2 percent year-on-year to 31.9 billion yuan ($4.7 billion) in 2022, the company said in a report. In 2022, operating revenue amounted to 112.2 billion yuan, up 11.2 percent year-on-year, the company said, as quoted Wednesday by the State-owned Assets Supervision and Administration Commission of the State Council. Meanwhile, its total assets rose 8.3 percent to surpass 920 billion yuan. Pipe-China attributed its profit increase mainly to its market expansion, creative development abilities and effective strategies for confronting challenges such as COVID-19 and multiple global crises.

Assets of Shanghai's local SOEs expand

Total assets of Shanghai's local State-owned enterprises reached 27.59 trillion yuan ($4 trillion) by the end of 2022, up 5.24 percent year-on-year, local authorities said. SOEs in the city achieved operating revenue of 3.79 trillion yuan and total profits of over 252.25 billion yuan last year, the Shanghai State-owned Assets Supervision and Administration Commission said at a news conference. By end-2022, the number of listed companies controlled by SOEs in Shanghai was 96, with a total market value of 2.34 trillion yuan.

Xinhua - China Daily