Shanghai Electric Power (600021) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was RMB 20.12 billion, down 0.85% year-over-year, mainly due to lower sales from the Turkish subsidiary amid maintenance and price fluctuations.

• Net profit attributable to shareholders rose 65.72% year-over-year to RMB 1.33 billion, with adjusted net profit up 71.08%.

• Operating cash flow increased 64.97% year-over-year to RMB 4.34 billion, driven by improved receivables collection.

• Total assets reached RMB 174.76 billion, up 3.67% from year-end 2023.

• No interim dividend or capital increase from reserves was proposed.

Financial highlights

• Operating income: RMB 20.12 billion, down 0.85% year-over-year.

• Net profit attributable to shareholders: RMB 1.33 billion, up 65.72% year-over-year.

• Adjusted net profit: RMB 1.32 billion, up 71.08% year-over-year.

• Basic and diluted EPS: RMB 0.4166, up 64.14% year-over-year.

• Operating cash flow: RMB 4.34 billion, up 64.97% year-over-year.

Outlook and guidance

• The company expects continued growth in electricity demand, with national power consumption forecast to rise by about 6.5% in 2024.

• Plans to accelerate clean energy expansion, especially in renewables and international markets.

• Focus on cost control, risk management, and green transformation.