On August 22, State Grid Corporation of China (02380.HK) announced that in the first half of 2024, the group recorded a revenue of 26.47 billion yuan, an increase of 24.18% compared to the same period last year. The profit attributable to equity holders of the group was 2.802 billion yuan, a year-on-year increase of 51.50%; basic earnings per share were 0.21 yuan.
2024 marks the 20th anniversary of the company's listing on the Hong Kong Stock Exchange. Over the past twenty years, the group has achieved remarkable development and operational results. Its main business has transitioned from the initial single coal-fired power generation to a business structure centered on clean energy supply and complemented by various types of power sources, steadfastly advancing towards the strategic goal of becoming a world-class green and low-carbon energy supplier.
Looking back, clean energy generation continued to be one of the main drivers of profit growth for the group during the review period. The profitability of the clean energy companies acquired last September has continued to show, with profits in the wind power and photovoltaic power sectors increasing by 34.87% and 46.47% respectively compared to the same period last year. The hydropower sector turned from loss to profit, with profits increasing by 621.90% compared to the same period last year. Improved profits were mainly due to abundant rainfall in the group's hydropower plant catchment areas. Profits in the thermal power sector increased by 97.23% compared to the same period last year, mainly due to a decrease in average coal procurement prices during the period leading to reduced fuel costs.