,Hong Kong

HK Electric interim profit rises to $880m

The company recorded $811m over the same period in 2020.

HK Electric Investments reported it posted a profit attributable to shareholders worth $880m in the first half of the year, up from $811m in 2020.

Over the same period, the company maintained its focus in achieving its twin priorities, which are upkeeping high standards in reliability and customer services, and continuing with capital works to decarbonize electricity generation.

“Our 2019-2023 Development Plan is geared towards migrating our generation infrastructure to a regime where approximately 70% of the electricity we produce will be from natural gas in 2023 compared with about 50% now,” Chairman Fok Kin Ning, Canning, said in his statement.

“The six months under review saw us move forward consistently with the strategic projects under the Development Plan.”

Revenue during the period climbed to $5.24b from $4.8b in the previous year. Of this, some $5.36b were generated from the sales of electricity.

Moreover, HK Electric declared an interim distribution of $15.94 cents per share stapled units, payable on 27 August.

The company will also explore the viability of increasing the capacity of a proposed offshore wind farm in the Southwest Lamma Channel. It will also look into the installation of more solar power systems on substation roofs.

Furthermore, HK Electric will continue to support the government’s 2050 carbon neutrality goal. This is on top of the relief measures and energy-saving programmes it rolled out in aid of small and medium enterprises. 

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Leasing momentum in the retail market continues to improve in August 2021.
The new prices will give customers greater flexibility when booking flights.
Total employment in the private sector decreased by 0.4%.
Tollerort port terminal is located in the Port of Hamburg, Germany.
The inflation rate is at 1.2%.
It highlights the importance of SAF as it works towards net-zero by 2050.
This is 95.3% lower than pre-pandemic levels in August 2019.
This is an 8% increase from the first quarter of 2021.
Payment card usage increased by 18.8% QoQ in Q2 2021.
Compared with the end of Q2 2020, SVF accounts in use were up by 0.6% in 2021.
41% of Hong Kong consumers support local businesses.
Bond Connect will expand mutual access between Hong Kong and China markets.