Towngas Smart Energy’s 2024 profit rises as bets on China’s renewable energy pay off

Towngas Smart Energy’s 2024 profit rises as bets on China’s renewable energy pay off

Net profit rose 2 per cent to HK$1.6 billion (US$206 million), while revenue increased 7.4 per cent to HK$21.3 billion

Towngas Smart Energy reported a profit increase last year amid a slowing economy, as the subsidiary of Hong Kong’s sole gas provider reaped the benefits from its investments in renewable energy in mainland China.

Net profit rose 2 per cent from a year earlier to HK$1.6 billion (US$206 million), the company said in a Hong Kong stock exchange filing on Friday. Revenue increased 7.4 per cent from 2023 to HK$21.3 billion last year.

Its core operating profit surged 34.5 per cent to HK$1.6 billion, benefiting from the strong performance of its renewable energy business and the steady profit growth in its gas business owing to the “favourable cost pass-through outcomes”, the company said. Full-year net profit for the renewable energy business soared fivefold to HK$479 million, it said.

“We are delighted [that] the company has achieved such great performance under the current operating environment,” CEO Peter Wong Wai-yee said during an earnings call. “We expect our renewable energy business to be developed in an orderly manner with double digits increase going forward.”

The company declared a final dividend of HK$0.16 per share and a one-off special dividend of HK$0.03 per share “in light of encouraging performance of the renewable energy business”, it said. That represents an increase of 18.8 per cent compared with last year.

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