Beijing Jingneng Clean Energy (579) H1 2024 earnings summary

Executive summary

• Revenue for the first half of 2024 was RMB10,460 million, down 0.84% year-over-year, mainly due to lower electricity prices and reduced sales in wind and photovoltaic segments.

• Profit attributable to equity holders rose 1.55% to RMB2,087 million, with total profit for the period at RMB2,187 million, up 1.20% year-over-year.

• Total power generation increased 4.09% to 20.11 billion kWh, with wind and photovoltaic segments growing strongly.

• Installed capacity of non-fossil power generation exceeded 10 million kW, with significant progress in project development and digital transformation.

Financial highlights

• Operating profit was RMB3,123 million, down 0.36% year-over-year.

• Earnings per share increased to RMB0.2531 from RMB0.2492.

• Other income dropped 40.68% due to lower tariff subsidies.

• Operating expenses fell 4.00% to RMB7,691 million, reflecting cost control and efficiency gains.

• Other gains rose to RMB340 million, mainly from fair value changes in equity holdings and demolition subsidies.

Outlook and guidance

• Targeting over 18 million kW total installed capacity and RMB4.1 billion total profit for 2024.

• Focus on high-quality project development, cost reduction, and efficiency improvement in the second half.

• Continued emphasis on market value management, high dividend payout, and shareholder returns.