SDIC's 2012 profits up 18%

BEIJING - State Development and Investment Corp (SDIC), China's largest State-owned investment holding company, reported Thursday that its profits jumped 18 percent year on year to 11.2 billion yuan ($1.78 billion) in 2012.

The Beijing-based company's revenue gained 12 percent to 90.8 billion yuan, while its total assets amounted to 311.1 billion yuan at the end of last year, up 13 percent from the start of 2012.

SDIC Chairman Wang Huisheng attributed the fast growth to the company's high-tech businesses, coal and power generation, which brought 3.4 billion yuan, 3 billion yuan and 3 billion yuan, respectively, in profits last year.

Among its high-tech businesses, potash fertilizer production in Lop Nur of northwest China's Xinjiang Uygur autonomous region contributed 2.2 billion yuan in profit.

The company aims to raise its business revenue to 130 billion yuan with a profit of 15 billion yuan by 2015, Wang said.