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        SASAC Dynamics

        COFCO's total profit made a record high in 2017

        Release time:2018-05-30

        In the past year 2017, COFCO has delivered a beautiful "report" covering the annual operating income of RMB 482.5 billion Yuan, total profit of RMB 11.8 billion Yuan, and total assets of RMB 538.8 billion Yuan.

        In accordance with the strategic deployment of the modernized power put forward in the 19th National Congress of the Communist Party of China, COFCO first proposed to build the new goal of the new era of becoming a world first-class enterprise, so as to continue to deepen the reform of State-owned Capital Investment Company and access to the fast lane of high-speed development, with enhancing the international competitiveness, implementation of becoming stronger, better and bigger, and undertaking the food safety responsibility for the mission, with the authorized capital management of state-owned enterprises as an opportunity.

        Over the past two years, COFCO cracked the contradiction through top-level design and mechanism innovation, and fully initiated the system reengineering of professional development. Within less than two years after the professional restructuring, 18 independent market entities were formed integrating human, finance, and material, and also production, purchase and sales. With assets, production, and marketing integrated, the capital assets structure, resource allocation efficiency, and main economic indexes were optimized obviously, the enterprise cost and benefit were improved dramatically, and a lot of enterprises with long-term loss profited again. The professional system design has produced results in practice.

        At the level of a professional company, the mixed-ownership reform is an important breakthrough of organizational form and management system. Over the past two years, a total of 6 professional companies have introduced RMB 27 billion yuan in the manners of equity operations, such as mixed reform, employee shareholding, listing and setting up funds. So far, 14 professional companies have completed the mixed-ownership reform or realized the equity diversification. All 18 professional companies will realize the shareholding diversification since mixed-ownership reform will be completed for feed, wine, grain and textile by the end of 2018.