HKELECTRIC-SS(02638) Earnings Summary
Bullish Points:
1. H1 2023 EBITDA increased to HKD 3.73 billion from HKD 3.37 billion in H1 2022.
2. Unaudited profit attributable to shareholders increased to HKD 982 million from HKD 894 million in H1 2022.
3. Electricity sales volume increased by 3.3% compared to H1 2022.
4. Offshore LNG receiving station commenced commercial operation in July 2023.
5. Installation of the third 380 MW gas-fired generating unit (L12) expected to commence operation in early 2024.
6. Over 300,000 smart meters installed for customers.
7. Supporting electrification of private and public transportation.
8. Fuel adjustment fee expected to continue to decline in the remaining months of 2023.
9. Power supply reliability at 99.9987% as of June 2023, aiming to achieve annual service standard of over 99.999%.
Bearish Points:
1. Electricity sales volume still down 5.8% compared to H1 2019.
2. Electricity-related income decreased to HKD 45 million in H1 2023 from HKD 65 million in H1 2022.
3. Administrative expenses, land rent, and rates increased to HKD 173 million in H1 2023 from HKD 168 million in H1 2022.
In summary, HKELECTRIC-SS(02638) has shown positive growth in EBITDA, profit attributable to shareholders, and electricity sales volume. The company has also made progress in infrastructure development and supporting electrification. However, there are concerns regarding the decrease in electricity-related income and an increase in administrative expenses. For more information, you can read the original text of HKELECTRIC-SS(02638)'s financial report: https://static.tigerbbs.com/4f5268a0fba14a0f9397cfc0e3c6f379
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