China Power International Development Limited (stock code: 2380.HK) has announced its unaudited interim results for the six months ended 30 June 2021.
During the Review Period, China Power achieved solid business results, with revenue amounting to RMB16.54 billion. Power generation grew by 23.7% to 51,530,643 MWh over the same period last year. Electricity sold rose by 23.7% to 49,441,462 MWh. Profit attributable to equity holders of the Company jumped by 17% year-on-year to RMB1.37 billion.
China Power held its interim results investor conference on 20 August 2021. He Xi, Chairman of the Board of Company, said, “In the first year half, the Company achieved good results in terms of operation, development, reform and innovation. Firstly, our operating performance grew amid adversity, with profit contributions from clean energy continuing to increase. Secondly, the overall transformation towards clean energy has accelerated. The total consolidated installed capacity of clean energy exceeded 47%, an increase of 3.1 percentage points compared to the end of last year. Thirdly, we will take the lead in extending the business in the green energy industry and expedited development into the areas of green energy transportation and power storage. And fourthly, efforts were made in both reforming and driving innovation as well as risk management and control, so as to stimulate the company’s vitality and spur advancement in innovation as it endeavors to prevent and control operating risks.”
Faced with unprecedented reformation in the power industry, He Xi stated, “The Company with determination and in a spirit of ‘vigor, enthusiasm, and speed’, will strategically focus its efforts on several key areas in the second half-year.
First, we will develop a new strategy for China Power. Adhering to the principle of empowering low-carbon emissions, the new strategy will be announced very soon. This new strategy will mainly include mid-to-long-term strategic goals and implementation methods, and the roadmap for achieving “carbon peak and carbon neutrality” commitments, as well as advancing its practices in environmental, social and governance (ESG) areas. Second, we will reposition the Company in the capital market. By increasing the Company’s consolidated installed capacity of clean energy to exceed 50% at the end of 2021, the Company will be repositioned in the capital market. Third, we aim to create a new pathway for the green industry. The Company will grasp first-mover opportunities and seize the high ground for developing emerging industries. Fourth, we will achieve a new balance in terms of business performance based on high-quality development. The company will speed up the developments in all aspects, increase the ratio of installed capacity and revenue of clean energy, tap the market potential and enhancing efficiency, the cash generating conventional energy business will support our development. And fifth, we will establish new mechanisms by practicing comprehensively advancing reforms. We will make full use of our advantages as an enterprise under the ‘Double-Hundred Action’ to seize the opportunity to reform, while at the same time optimize various incentives, and include market value of the Company as a factor in accessing the performance of the management during their tenures.”
Looking ahead, He Xi is highly hopeful, and stated, “China Power is currently at a crucial juncture as it embarks on a new journey. New roadmaps are being devised. New mechanisms are being created. New industries are being established. In the near future, the achievements of our efforts will gradually be displayed one by one, and we will certainly deliver satisfactory or even better-than-expected outcomes to all of our shareholders.”
Topic: Press release summary