Canvest records 36.4% profit growth to $616.1m in H1

The group reported a $415.68m profit growth in the same period last year.

Canvest Environmental Protection Group Company Limited reported its profit grew 36.4% to $616.09m in the first half of the year, up from $415.68m in 2020.

Its revenue increased by 34.4% year-on-year to HK$2.69b, mainly driven by its power sales and waste treatment fee as well as project construction services from new projects.

“2021 is the first year in the implementation of the 14th Five-Year Plan, which continues to recognize the importance of environmental protection proposed by the country under the 13th Five-Year Plan,” Loretta Lee, Chairlady of Canvest, said.

“By controlling the growth of total energy consumption, improving the dual control system for energy consumption and focusing on controlling fossil energy consumption, China will continue to provide support to green industries.”

The Board has declared an interim dividend of HK5.0 cents per share, higher than HK3.7 cents per share in the 2020.

Over the same period, the Group treated 4.62 million tonnes of waste and generated 1.79 billion kilowatt hours of green energy. It also saved standard coal by 466,000 tonnes and reduced carbon dioxide equivalent emissions by 2.60 million tonnes.

The group so far has 35 waste-to-energy projects operating at a total processing capacity of 51,940 tonnes per day.

On top of this, the Group has acquired 30% equity interest in Sichuan SIIC Environmental Investment Development Co., Ltd in June 2021, to capture the development opportunities in Sichuan Provinces.

This is aside from the joint development of the Baoshan WTE plant in the Yangtze River Delta region with Shanghai Industrial Holdings Limited.