Yancoal, (ASX:YAL) Australia’s largest pure-play coal producer, announced a record profit after tax of $852 million up from last year's $229 million for the year ended 31 December 2018.
These figures were boosted by robust prices for its thermal and metallurgical coal.
Net profit before one-off items rose to $868 million for the year ended December, from $211 million in the previous year.
Revenue for the period rose 86 percent to $4.85 billion.
Total operating EBITDA is $2,180 million, up $1,192 million on the year prior.
Yancoal’s financial turnaround was driven by record production at a time of sustained pricing strength across global coal markets.
Shares in Yancoal, (ASX:YAL) closed 2.24 per cent higher at $3.20 yesterday.