PipeChina net profit up 7.2% in 2022

BEIJING - China Oil & Gas Piping Network Corporation (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 latest report.

In 2022, operating revenue amounted to 112.2 billion yuan, up 11.2 percent year-on-year, the company said in its report, as quoted Wednesday by the State-owned Assets Supervision and Administration Commission of the State Council official website.

Meanwhile, its total assets increased 8.3 percent year-on-year to surpass 920 billion yuan.

PipeChina 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.