Beijing Energy International (0686) H1 2024 earnings summary

Executive summary

• Achieved total assets exceeding RMB100 billion and installed capacity surpassing 10,045MW as of June 2024, up 47.5% year-over-year, mainly through acquisitions and self-development.

• Net profit for the six months ended 30 June 2024 was RMB292 million, up from RMB247 million year-over-year, mainly due to increased electricity sales.

• Revenue rose to RMB3,272 million, a 27% increase year-over-year, driven by capacity expansion and effective operations; EBITDA reached RMB2,686 million, up from RMB2,129 million.

• Total electricity generated by subsidiaries increased by 49.5% to 7,590,356MWh.

Financial highlights

• Revenue: RMB3,272 million (2023: RMB2,574 million); EBITDA: RMB2,686 million (2023: RMB2,129 million).

• Net profit: RMB292 million (2023: RMB247 million); profit attributable to shareholders: RMB33 million (2023: RMB107 million).

• Finance costs increased 4% to RMB1,105 million due to large-scale self-development and transition to operations.

• Average tariff per kWh (net of VAT) decreased to RMB0.43 from RMB0.51 due to higher grid-parity project share.

• Gearing ratio improved to 74.9% from 76.7% at year-end 2023, mainly due to increased equity from perpetual medium-term notes.

Outlook and guidance

• Targeting over 15 million kW installed capacity and RMB130 billion asset scale by end-2024.

• Plans to deepen clean energy deployment, expand in wind, solar, hydro, hydrogen, integrated energy, gas turbines, green fuels, and intelligent computing.

• Continued emphasis on green and low-carbon transformation, aligning with national energy policies and the “dual carbon” strategy.

• National energy policy and market trends support continued growth in clean energy demand and capacity.