Shanghai Electric Power (600021) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders rose 67.57% year-over-year in Q3, driven by increased power generation and lower coal costs.

• Operating cash flow for the first nine months surged 82.85% year-over-year, reflecting higher sales receipts and reduced operating outflows.

Financial highlights

• Q3 revenue reached RMB 12.44 billion, up 11.13% year-over-year; nine-month revenue was RMB 32.57 billion, up 3.41%.

• Net profit attributable to shareholders for Q3 was RMB 1.13 billion, up 67.57% year-over-year; nine-month net profit was RMB 2.46 billion, up 66.57%.

• Basic and diluted EPS for Q3 were RMB 0.3744, up 66.10% year-over-year; nine-month EPS was RMB 0.7910, up 58.96%.

• Operating cash flow for the first nine months was RMB 7.51 billion, up 82.85% year-over-year.

Key financial ratios and metrics

• Weighted average ROE for Q3 increased by 1.94 percentage points year-over-year; nine-month ROE rose by 3.61 percentage points.

• Total assets at quarter-end were RMB 178.84 billion, up 6.09% from year-end; equity attributable to shareholders was RMB 29.68 billion, up 6.82%.