Hong Kong Electric Investments Ltd-SS (02638) fell nearly 3%, as of press time, down 2.83%, at HKD 5.35, with a turnover of HKD 24.284 million.
According to the Wisdom Financial app, Hong Kong Electric Investments Ltd-SS (02638) fell nearly 3%, as of press time, down 2.83%, at HKD 5.35, with a turnover of HKD 24.284 million.
On the news front, Hong Kong Electric Investments Ltd-SS announced its interim results for the six months ended June 30, 2024. The Group recorded a revenue of HKD 5.572 billion during the period, a year-on-year increase of 6.56%. The attributable profit to shareholders was HKD 0.947 billion, a year-on-year decrease of 3.56%, and the basic earnings per share were 10.72 HK cents. The Group planned to distribute an interim cash dividend of 15.94 HK cents per share.
Citigroup's research report pointed out that Hong Kong Electric Investments Ltd-SS's interim net profit fell 3.56% year-on-year to HKD 0.947 billion, accounting for 30.1% of the market's forecasted full-year net profit, which is similar to the average of 30.3% from 2019 to 2023. The profit decline is based on the profit control plan's net impairment of asset base, with a capital expenditure of only HKD 1.375 billion during the period, which is less than the depreciation of HKD 1.478 billion. The bank expects the company's asset base to increase in the future, as the Hong Kong Special Administrative Region Government has approved a capital expenditure of HKD 22 billion for the company from 2024 to 2028, averaging HKD 4.4 billion per year.