Towngas Smart Energy’s 2024 profit rises as bets on China’s renewable energy pay off
Towngas Smart Energy, a subsidiary of Hong Kong's sole gas provider, reported a 2% increase in net profit to HK$1.6 billion (US$206 million) for the past year, driven by strong performance in its renewable energy business in mainland China. The company's revenue also increased by 7.4% to HK$21.3 billion.
The surge in profitability was largely attributed to a fivefold increase in the renewable energy business's net profit, reaching HK$479 million, and steady profit growth in the gas business due to favorable cost pass-through outcomes. Encouraged by these results, the company declared a final dividend of HK$0.16 per share and a one-off special dividend of HK$0.03 per share, marking an 18.8% increase compared to the previous year, and anticipates continued double-digit growth in its renewable energy sector.
via SCMP Full Text Feed
Towngas Smart Energy, a subsidiary of Hong Kong's sole gas provider, reported a 2% increase in net profit to HK$1.6 billion (US$206 million) for the past year, driven by strong performance in its renewable energy business in mainland China. The company's revenue also increased by 7.4% to HK$21.3 billion.
The surge in profitability was largely attributed to a fivefold increase in the renewable energy business's net profit, reaching HK$479 million, and steady profit growth in the gas business due to favorable cost pass-through outcomes. Encouraged by these results, the company declared a final dividend of HK$0.16 per share and a one-off special dividend of HK$0.03 per share, marking an 18.8% increase compared to the previous year, and anticipates continued double-digit growth in its renewable energy sector.
via SCMP Full Text Feed
