CLP (2) H1 2024 earnings summary

Executive summary

• Operating earnings for the first half of 2024 rose 25% year-over-year to HK$5,855 million, with total earnings up 17.6% to HK$5,951 million, driven by robust performance in Hong Kong, improvements in Australia, and growth in India, offsetting lower nuclear output in Mainland China due to planned outages.

• Achieved strong financial performance in 1H2024, with solid earnings growth and improved results from EnergyAustralia.

• Operational delivery included commissioning of major gas infrastructure in Hong Kong and first fire at Tallawarra B in Australia.

• Growth momentum focused on Scheme of Control business and zero carbon investments, with strategic investments in decarbonisation underpinning the group's commitment to a net-zero future.

• Maintained financial headroom with a strong balance sheet, investment grade credit rating, and healthy cash generation.

Financial highlights

• Operating earnings before fair value movements increased 22% year-over-year to HK$5,683 million.

• Total earnings rose 17.6% to HK$5,951 million, with earnings per share up 18% to HK$2.36.

• Revenue for the first six months was HK$44,086 million, up 1.8% year-over-year.

• EBITDAF grew 17% to HK$12,990 million, driven by capital expenditure and EnergyAustralia turnaround.

• Interim dividends per share maintained at HK$1.26, with a 4.9% yield at June-end share price.

Outlook and guidance

• Focus remains on delivering the HK$52.9 billion five-year development plan in Hong Kong and expanding zero-carbon projects in China and India.

• Mainland China to sustain momentum in renewable energy project development, aiming to double its renewable portfolio in the medium term.

• EnergyAustralia to continue strengthening generation performance and expanding flexible capacity for energy transition.

• Apraava Energy in India is positioned to grow its renewable and transmission portfolio, supporting national decarbonisation targets.

• Dividend growth will be considered if business growth and financial conditions support it; board to decide.