CR Power profits surge 30pc to $14b, driven by significant thermal power earnings

China Resources Power (0836) announced that its 2024 net profit surged 30.8 percent to HK$14.39 billion year-on-year, driven by a significant increase in thermal power earnings.

Turnover for the year amounted to HK$105.28 billion, an increase of approximately 2 percent yearly.

The thermal power business segment saw a 28 percent jump to HK$4.64 billion compared to the previous year, while the renewable energy business fell 5 percent to HK$9.23 billion.

The group set an installed capacity target of 10,000 megawatts for new wind and photovoltaic power projects. Renewable energy is projected to comprise 50 percent of the company’s total installed capacity by the end of 2025.

The board declared the dividend payout for the year at HK$1.19 per share, representing a dividend payout ratio of 40 percent, a 22 percentage point decline from the previous year.

DANNIE LI