China Metal Recycling has announced a profit of £91.84 million in 2011.
The largest metal recycler in China more than doubled its profits for the year ending 31 December from £43.02 million in 2010.
Revenues were up 191 per cent to £2 billion in 2011 from £706.6 million a year earlier.
Sales volumes of ferrous metals were up 18 per cent year on year to 1,850,000 tonnes, while non-ferrous metal sales for the year were up 85.3 per cent to 668,000 tonnes. It also sold other materials including scrap plastics.
China Metal Recycling chairman and chief executive Jacky Chun said: “I’m glad to report another year of exceptional growth for CMR riding on a generally favourable market environment. With the tightening of credit in China resulting in further industry consolidation, the Group has been able to gain additional market share leveraging on its scale of operations, established financing platform and other competitive advantages.
“The penetration of scrap metals consumption in China is still at a low level when compared with the figures in developed countries, we believe growth potential exists in the market.”