Gelonghui March 26 | Shangao New Energy (01250.HK) announced its annual results. For the year ended December 31, 2023, the Group achieved revenue of approximately HK$4.963 billion. The Group focuses on the main energy industry, and the business structure continues to be optimized. The share of power generation business has increased, and the share of revenue from non-power generation businesses has decreased. The annual profit was approximately HK$387.5 million, an increase of about 71.6% over last year. Profit attributable to the company's equity holders was approximately HK$378.2 million, an increase of about 46.5% over last year. Basic earnings per share were HK16.83 cents.
According to the announcement, the increase in profit was mainly due to: (i) the Group's focus on the main energy industry and continued to increase investment in new energy projects, leading to an increase in revenue, other revenue and revenue related to the new energy business; (ii) a reduction in administrative expenses due to the Group's cost reduction and efficiency; (iii) a reduction in the Group's financial expenses; and (iv) the combined effects of the above increase being offset by increased income tax expenses.
By the end of December 2023, the company had 54 centralized photovoltaic power plants at home and abroad, with an installed capacity of 2,526 MW; distributed photovoltaic power plants with an installed capacity of 800 MW; 19 wind power plants with an installed capacity of 1,176 MW; and provided about 33.95 million square meters of clean heating, serving about 200,000 households.
In 2023, the grid-connected scale of power generation business holding and management projects reached 4.5 MW, an increase of about 21.4% over the same period in 2022:1) The grid scale of wind power business holding and operation projects was 1,176 MW, an increase of 588 MW over the same period in 2022, an increase of about 100%; 2) The grid-connected scale of centralized PV business holding and operation projects was 2,526 MW, an increase of 157 MW over the same period in 2022, an increase of about 7%; 3) Distributed photovoltaic business holding, operation and management projects were connected to the grid. This is an increase of 50 MW over the same period in 2022, or about 7%.
In 2023, the total operating power generation capacity of projects owned or managed by the Group and associates/joint ventures was about 6.235 billion kilowatts, an increase of about 2.6% over the same period in 2022; the Group's completed power generation capacity according to the consolidated statement caliber was about 5.644 billion kilowatts, an increase of 14.5% over 2022.
Furthermore, the Group's balance ratio declined further to about 65% after Ping An moved forward. Meanwhile, the Group's cash and cash equivalents were approximately HK$4,892.4 billion, an increase of approximately HK$1,255.2 billion over the same period last year. The financial reserves are sufficient to provide sufficient reserves for business development.