Industrial Bank made the financial performance of China Tobacco public for the first time on Monday evening, and the assessment indicates that China Tobacco may be larger by annual profit than Sinopec Group, China.com.cn reports.
China's Industrial Bank Company Ltd aims to raise at least 25 billion yuan ($3.97 billion) selling shares to institutional investors including the People's Insurance Co (Group) of China Ltd (PICC) and the China National Tobacco Corporation. Industrial Bank Company released the figures for China Tobacco in a statement late on Monday because China Tobacco is buying a 5.2 billion yuan stake in the Shanghai-listed lender.
The announcement from Industrial Bank shows that the total assets of China Tobacco were 969.9 billion yuan in 2010. The state-owned tobacco company had a net income of 117.7 billion yuan ($18.7 billion) in 2010 on sales of 770.4 billion yuan, which means that it made 320 million yuan per day.
The net profits from China Tobacco in 2010 were even greater than that of the Agricultural Bank of China (95 billion yuan), which was fifth on net profit rankings of all listed companies. The top four were the Industrial and Commercial Bank of China (166 billion yuan), Sinopec Group (150 billion yuan), China Construction Bank (135 billion yuan) and Bank of China (109.7 billion yuan).
Furthermore, the initial assessment indicates that China Tobacco may be larger by annual profit than Sinopec Group. The net assets rate of China Tobacco is 12.14%, which is higher than the 9% from Sinopec Group. China Tobacco, the nation's cigarette monopoly with a registered capital of 57 billion yuan, is one of the largest state-owned enterprises and is by sales the largest single manufacturer of tobacco products in the world.
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