According to the Zhitong Finance App, Yuefeng Environmental Protection (01381) announced its annual results for the year ended December 31, 2023. The group achieved revenue of HK$4.98 billion during the period, a year-on-year decrease of 39.61%; profit attributable to shareholders was HK$1,001 billion, a year-on-year decrease of 24.88%; basic profit per share was 41.2 HK cents; and a final dividend of HK3.2 cents per share was proposed.

According to the announcement, the decline in total revenue is mainly due to the fact that most of the Group's waste incineration power generation projects have been put into operation, reducing the construction revenue generated by the Group's project construction by 76.7% year-on-year to HK$1,018 billion. The Group's net profit for the year decreased by 24.9% from last year to HK$1,021 million, mainly due to a sharp rise in interest expenses of 10% due to a sharp increase in overseas interest rates and a drop of about 7% in the RMB exchange rate during the year. However, the Group's gross margin and EBITDA profit margin increased from 30.7% to 41.8% and from 37.4% to 53.4%, respectively, mainly due to a sharp decrease in construction revenue with low gross margin, which more effectively reflected the Group's gross margin and EBITDA profit margin from operations.