CLP (0002), one of Hong Kong's two power utility firms, reported an interim net profit of HK$5.99 billion for the six months ended June 30, up 6.6 percent year-on-year, navigating ongoing geopolitical tensions and volatile energy markets.
The company declared a second interim dividend of HK$0.63 per share, unchanged from the prior year, according to a statement released on Thursday.
CLP’s revenue remained flat at HK$42.86 billion, as increased revenue from Hong Kong and the mainland was largely offset by lower revenue from EnergyAustralia’s energy business.
Its operating earnings before fair value movements increased 9.7 percent to HK$5.73 billion for the first half this year, which is mainly driven by steady contributions of the regulated business in Hong Kong, improved earnings from the rest of the portfolio and corporate cost optimization.
Meanwhile in Hong Kong, electricity sales rose 3.6 percent year-on-year to 17,038 gigawatt hours in the first half as stronger economic growth lifted power demand in all sectors.
The company noted that growing demand from innovation and technology industries including artificial intelligence drove a 11.8 percent increase in sales to data centres, which accounted for 7.1 percent of total electricity consumption.
CLP mentioned that amid higher fuel costs resulting from the ongoing Middle East crisis, the average net tariff for CLP Power customers in August was 4 percent higher than January's level.
Looking ahead, the company expects global fuel price volatility to continue to impact electricity tariffs. A three-month special fuel rebate funded by the CLP Community Energy Saving Fund will be offered from August to October to ease the financial burden of around half of residential customers, it added.
