HKEI sees distributable profit reeled in by 1pc

HK Electric Investments (2638) said its net profit distributable to unitholders dipped 1 percent year-on-year to HK$3.11 billion in 2024 despite an increase in revenue.

The electricity seller maintained the final distribution per unit at 16.09 HK cents, leading to a full-year payout of 32.03 HK cents.

The company's revenue rose 5.71 percent year-on-year to HK$12 billion while earnings before interest, taxes, depreciation and amortization expanded by 9 percent to HK$8.72 billion.

In 2024, electricity sales to 593,000 customers increased by 1 percent to 10,150 gigawatt hours, which was attributed to the stabilizing economic activity, warmer weather and the additional leap day in February.

Despite an increase in gas consumption, there was a tariff reduction of 16 percent from January 2023’s HK$1.97 to January 2024’s HK$1.65, primarily due to a drop in fuel prices.

HKEI transferred HK$228 million to the Tariff Stabilization Fund and Rate Reduction Reserve as well a provisional sum to be injected into the Smart Power Care Fund, while a withdrawal of HK$186 million was made in 2023.

STAFF REPORTER