Shangao New Energy (01250) announced its annual results for the year ended December 31, 2023. The group...
According to the Zhitong Finance App, Shangao New Energy (01250) announced its annual results for the year ended December 31, 2023. The group achieved operating income of HK$4.963 billion; gross profit of HK$2,411 million; profit attributable to shareholders of HK$378 million, an increase of 46.45% over the previous year; and basic profit per share of HK$16.83 cents.
According to the announcement, the increase in profit attributable to shareholders is mainly due (including but not limited to): the Group focuses on the main energy business and continues to increase investment in new energy projects, increasing revenue, other revenue and revenue related to the new energy business; reducing administrative expenses due to the Group's cost reduction and efficiency; reducing the Group's financial expenses; and the combined effects of these increases being offset by increased income tax expenses.
During this year, the combined scale of the Group's centralized photovoltaic power plant project and wind power plant project increased by 157 megawatts and 588 megawatts respectively, an increase of about 6.6% and about 100% compared with last year, and continued to maintain steady development.
Thanks to the continued increase in the consolidated scale of power plant projects, the Group's consolidated scale power generation during the reporting period increased by about 14.5% compared to last year, and related electricity sales generated revenue of about HK$4,062 billion (2022: approximately HK$3,749 billion), an increase of about 8.4% over last year. Since electricity sales revenue is dominated by RMB, part of the increase was offset by exchange rate fluctuations during the year due to the depreciation of the RMB against the Hong Kong dollar.