CLP (2) H2 2024 earnings summary

Executive summary

• Delivered strong financial results in FY2024, with total earnings up 76% to HK$11,742 million, driven by improvements from EnergyAustralia and operational reliability across the fleet.

• Advanced large-scale renewable and decarbonisation projects in China, India, and Australia, including commissioning the largest battery project in Australia.

• Completed major gas infrastructure in Hong Kong, record generation at Yangjiang Nuclear in China, and high efficiency at Jhajjar in India.

• Maintained a 1.6% dividend growth, with total dividends for 2024 at HK$3.15 per share and a yield of 4.8%.

• Finalised a strategic review, underpinning ambitions for cleaner, reliable energy and stable earnings.

Financial highlights

• Revenue rose 4.4% year-over-year to HK$90,964 million; operating earnings before fair value movements up 8.1% to HK$10,949 million.

• Net income attributable to shareholders was HK$11,742 million, up from HK$6,655 million in 2023.

• EBITDAF increased 9% to HK$25,830 million; capital investments exceeded HK$18,773 million, up 46%.

• Net debt to total capital ratio was 33.0% (2023: 31.6%); FFO interest cover remained strong at 11x.

• Total dividends for FY2024 were HK$3.15 per share, up 1.6% from the prior year, yielding 4.8%.

Outlook and guidance

• Focus on progressing the Northern Metropolis development plan, supporting net zero transition, and expanding smart meter rollout in Hong Kong.

• Mainland China aims to double renewable capacity to 6 GW by 2025, with annual investment up to RMB 4.5 billion.

• India targets tripling non-carbon portfolio, focusing on renewables, transmission, and smart meters.

• EnergyAustralia to expand contract renewable portfolio to 3GW by 2030 and invest in flexible capacity.

• Committed to a five-year HK$52.5 billion capital program in Hong Kong.