Summary by Futu AI
Shanghao Xin Energy Group Co., Ltd. (Shanghao Xin Energy) announced its results for the year ended 31 December 2023 with a profit of approximately HK$387.5 million, an increase of 71.6% over the previous year. The company's equity holders accounted for a profit of approximately HK$378.2 million, an increase of 46.5%. The increase was mainly due to increased investment in new energy projects, reduced administrative expenses, and decreased financial expenses, partially offset by increased income tax expenditures. Earnings before interest, tax, depreciation and amortisation were HK$4,040.3 million, up 10.2%. During the year, the Group's financial expenses amounted to approximately HK$1,517.5 million, a decrease from the previous year. The balance sheet ratio declined further to approximately 65% and cash and cash equivalents increased by approximately HK$1,255.2 million. The combined scale of photovoltaic and wind power station projects increased by 14.5% and electricity sales revenue of HK$4,062.3 million, an increase of 8.4%. Basic and diluted earnings per share were HK$16.83 cents. The Board of Directors does not recommend the payment of a final dividend.