News

CLP Holdings Sees 7x Net Profit Surge

1 Mins read

CLP Holdings, a Hong Kong-listed power company, has reported a remarkable increase in net profit for the year 2023. The surge in profit was attributed to the significant contributions from its core businesses in Hong Kong and China, along with a positive turnaround in fair-value related to its forward energy contracts.

Financial Highlights

  • Net Profit: Soared to 6.66 billion Hong Kong dollars ($851.2 million) in 2023, up from HK$924 million in 2022.
  • Revenue: Decreased to HK$87.17 billion in 2023 from HK$100.66 billion in 2022.
  • Operating Earnings: Before fair value movements, for 2023 increased by 33% to HK$10.13 billion.

Fair Value Adjustments

The company’s fair value adjustments, particularly associated with EnergyAustralia’s forward energy contracts, experienced a significant positive swing. It amounted to a gain of HK$2.13 billion in 2023, compared to a loss of HK$2.98 billion in 2022.

Dividend Announcement

CLP also announced a fourth interim dividend payment of HK$1.21 per share, maintaining the same rate as the previous year. This brought the total dividends for 2023 to HK$3.10 per share, which remained unchanged from 2022.

Overall, CLP Holdings continues to show strong financial performance, with a notable surge in net profit and strategic business developments driving its success in the energy sector.


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