$TG SMART ENERGY (01083.HK)$ Announcement: In mid-2024, the group's revenue increased by 6.3% to HKD 10.501 billion (up 10.2% in RMB) for the period. With the significant increase in profits in the wind power business and stable growth in gas business profits, as well as strict control of capital expenditures and successful low-interest loan applications that reduced financing costs, the group's core business profit soared by 57.5% to HKD 0.707 billion (up 63.3% in RMB) during the period. After deducting non-operational income and expenses, the net profit attributable to shareholders of the company was HKD 0.743 billion.
The renewable energy business is developing at a sustained high speed, with the scale effect gradually emerging, and net income jumping sharply to HKD 0.164 billion. During the period, the group has implemented the development of 128 zero-carbon smart parks, signed cumulative photovoltaic contracts of 3.3 GW and grid-connected 2.1 GW, and the business has now fully covered comprehensive energy carbon services such as energy storage, power trading, and carbon asset management. Through the development of a light-asset model, it will bring another growth driver.
In terms of the urban gas business, the overall gas sales volume recorded a significant increase during the period, up 6% to 8.7 billion cubic meters. Through price-sequencing work and refined management, the average price difference of urban gas has increased to RMB 0.56/cubic meter, an increase of RMB 0.02/cubic meter from the same period in 2023, and the overall gas business profit has maintained steady growth.
