Power Assets (6) H2 2024 earnings summary

Executive summary

• Net profit for 2024 rose 2% year-over-year to HK$6,119 million, reflecting robust performance despite global volatility.

• Profit contributions from international businesses grew 5% year-over-year, with new acquisitions enhancing portfolio strength.

• Final dividend of HK$2.04 per share proposed, total annual dividend unchanged at HK$2.82 per share.

• Strategic acquisitions in the UK and Northern Ireland, and continued partnership with CKI and CKA, support future growth.

Financial highlights

• Revenue for 2024 was HK$919 million, down from HK$1,292 million in 2023.

• Net profit attributable to shareholders was HK$6,119 million, up from HK$6,003 million in 2023.

• Basic and diluted EPS increased to HK$2.87 from HK$2.82 year-over-year.

• Total comprehensive income fell to HK$4,334 million from HK$7,904 million, mainly due to negative exchange differences.

• Net cash position at year-end was HK$228 million, with net debt to net total capital ratio at 44%.

Outlook and guidance

• Operating companies expected to benefit from stable regulatory environments and predictable revenue streams.

• Focus remains on acquiring high-quality assets in mature, well-regulated energy markets, prioritizing sustainability.

• Group remains relatively insulated from inflation and high borrowing costs due to large proportion of regulated businesses.