(Yicai) May 7 -- More than 90 percent of the 248 companies listed on the Beijing Stock Exchange, the newest of China’s stock markets, were profitable last year.

Some 226 companies made a net profit in the year ended Dec. 31, with 48 increasing it by over 30 percent,according to a press release from the bourse. Almost 60 percent of all the businesses grew their operating income, with 26 seeing a rise of more than 30 percent.

Their combined annual net profit was CNY12.7 billion (USD1.8 billion) and they had total operating income of CNY173.7 billion (USD24.1 billion).

Small and medium-sized enterprises made up more than 80 percent of the firms listed on the BSE. Of them, just over 93 percent were profitable, with 49 percent seeing growth in operating income and profit.

The BSE was launched in November 2020. Unlike its older peers in Shanghai and Shenzhen, bourses that mainly cater to larger, more established companies, the BSE was set up to provide easier access to capital for innovative SMEs and technology firms.

Its strongest performers last year were in the photovoltaic and auto industries. PV firms made a net profit of CNY205 million (USD28.4 million) on average, up 44 percent from 2022, while profit at auto parts suppliers averaged CNY51.6 million (USD7.2 million), a 26 percent gain.

BSE-listed companies also returned more to shareholders in dividends last year. According to their trading reports, they planned cash dividends of CNY5.8 billion (USD804 million), a 25 percent jump on the prioer year.

Of all the listed firms on the BSE, 218, or almost 88 percent of the total, put forward plans for a cash dividend. 

Fifty-three BSE-listed firms announced share buybacks worth a combined CNY1.1 billion, while more than 50 revealed an increase in holdings by directors, supervisors, and senior management.

All of the companies had published their annual earnings results as of April 30.

Editors: Shi Yi, Tom Litting