China Resources Power Holdings Company (836) H2 2024 earnings summary

Executive summary

• Net profit attributable to owners rose 30.8% year-over-year to HK$14,388 million for 2024, with basic EPS up 29.7% to HK$2.97.

• Turnover increased 1.9% to HK$105,284 million, driven by a 7.4% rise in net generation volume, despite lower tariffs and RMB depreciation.

• Final dividend of HK$0.691 per share proposed, total 2024 dividend HK$1.19 per share, payout ratio 40%.

Financial highlights

• Operating profit rose 27.6% to HK$23,225 million; EBITDA interest coverage improved to 8.1x from 7.3x.

• Net debt to total equity ratio at 153.6%, total assets HK$362,464 million, equity attributable to owners HK$99,151 million.

• Cash and cash equivalents at year-end HK$5,834 million; net cash from operating activities HK$33,695 million.

• Fuel costs fell 4.2% year-over-year; impairment charges dropped 78.9%.

Outlook and guidance

• Targeting 10,000MW new wind and photovoltaic capacity in 2025; renewable energy to reach 50% of installed capacity by end-2025.

• 2025 capex budgeted at HK$56,800 million, with HK$42,000 million for renewables.

• Plans to commission 6,093MW of new coal-fired capacity in 2025.