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SDIC reports highest annual profit growth on record

Xinhua, January 19, 2016 Adjust font size:

The State Development and Investment Corp. (SDIC), China's largest state-owned investment holding company, on Tuesday reported annual profit growth of 14 percent in 2015, its best annual performance on record.

It was announced during the company's annual working conference that revenue last year totaled 115.5 billion yuan (17.5 billion U.S. dollars) and total profits hit 16.5 billion yuan.

Total assets of the firm stood at 496.6 billion yuan by the end of 2015 and the value of financial assets under its management stood at 700 billion yuan.

The profit surge was attributed to improved finance and service business structure as well as the transformation of corporate management.

Established in 1995 under the direct management of the central government, the company's main business is domestic industrial investment, financial services and international business.

In 2014, SDIC piloted reforms in ownership, management and supervision together with other five big state-owned enterprises including China National Cereals and Oils and Foodstuffs Corp. (COFCO). Endi