CLP Holdings' 2023 Net Profit Surges Sevenfold

By Amanda Lee

CLP Holdings' net profit for 2023 surged sevenfold, thanks to contributions from its core businesses in Hong Kong and China and a turnaround in the fair-value related to its forward energy contracts.

Net profit jumped to 6.66 billion Hong Kong dollars ($851.2 million) in 2023 from HK$924 million in 2022, the Hong Kong-listed power company said in a filing to the Hong Kong exchange Monday. Its revenue fell to HK$87.17 billion in 2023 from HK$100.66 billion in 2022, the company said.

CLP's operating earnings before fair value movements for 2023 increased 33% to HK$10.13 billion.

The company's fair value adjustments, mainly associated with EnergyAustralia's forward energy contracts, swung to a gain of HK$2.13 billion in 2023 from a loss of HK$2.98 billion in 2022, it said.

The company also announced a fourth interim dividend payment of HK$1.21 per share, the same as the year before. That brought total dividends in 2023 to HK$3.10, unchanged from 2022.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

February 26, 2024 00:58 ET (05:58 GMT)

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