HWANGE Colliery Company Limited’s revenue improved by 31 percent from $7,2 billion in December 2020 to $9,4 billion in December 2021 on an inflation-adjusted basis.
This was largely driven by a combination of an increase in sales of high value coking coal and regular product price adjustments during the year in line with market value.
Gross profit increased by 26 percent from $1,6 billion prior year to $2.1 billion in inflation adjusted terms this year.
The company posted a net profit of $28,6 million during the year and the decrease was mostly attributed to exchange rate impact on legacy debts. Legacy debts contributed $904 million of unrealised losses on inflation adjusted terms.