Huaneng Power International (902) Q3 2024 earnings summary

Executive summary

• Operating revenue for the nine months ended 30 September 2024 was RMB184.40 billion, down 3.62% year-over-year, mainly due to lower domestic tariffs.

• Net profit attributable to equity holders was RMB10.41 billion, a 17.12% decrease year-over-year, impacted by higher non-controlling interests and REITs holders.

• Net profit after deducting non-recurring items rose 6.87% year-over-year, driven by lower unit fuel costs and increased domestic electricity consumption.

Financial highlights

• Q3 2024 operating revenue was RMB65.59 billion, up 0.46% compared to Q3 2023.

• Q3 2024 net profit attributable to equity holders was RMB2.96 billion, down 52.69% year-over-year.

• Basic and diluted EPS for the nine months were RMB0.53, down 19.70% year-over-year.

• Net cash flows from operating activities for the nine months were RMB42.99 billion, up 27.73% year-over-year.

• Total assets as of 30 September 2024 were RMB564.90 billion, up from RMB541.16 billion at year-end 2023.

Outlook and guidance

• Operating revenue decline attributed to lower domestic tariffs; profit growth supported by lower fuel costs and higher electricity demand.