State-owned enterprises in Shandong province performed well in the first three quarters of this year, said local authorities at a news conference held on Oct 26.

Official statistics show that the main financial indicators of Shandong provincial SOEs have increased steadily. By the end of September, their total assets amounted to 4.04 trillion yuan ($631.7 billion), up 8.4 percent and 28.1 percent respectively compared with the same period in 2020 and 2019.

In the first three quarters, the operating revenue of local SOEs reached 1.53 trillion yuan, up 25.1 percent and 34.3 percent respectively compared with the same period in 2020 and 2019. Their total profit reached 74.8 billion yuan, up 50.8 percent and 28.6 percent from the same period in 2020 and 2019 respectively, while net profit reached 51.53 billion yuan, up 54 percent and 26.7 percent from the same period in 2020 and 2019 respectively.

The Shandong provincial SOEs plan to invest 140 billion yuan in infrastructure this year. In the first three quarters, they invested 125.88 billion yuan in fixed assets, up 21.4 percent year-on-year.