ZHENENG Jinjiang Environment : BWM 0% saw its profit more than double to 266.3 million Chinese yuan (S$49.7 million) for the first half ended Jun 30, 2023, from 93.5 million yuan in the H1 of the year before.

Earnings per share stood at 0.1832 yuan for the half year, up from 0.0643 yuan the previous year.

Revenue for the first half rose 8.3 per cent to two billion yuan, from 1.8 billion yuan the year before. This came from an increase in sales from its core waste-to-energy business, as well as higher revenue from its project technical and management service, equipment selection and sale, and energy management contracting business, said the company in a bourse filing on Wednesday (Aug 9).

No dividend was declared for the half year, unchanged from the year before. Dividends are typically recommended when the full-year financial statements are announced, said the company.

By segment, the group’s core waste-to-energy business contributed around 1.7 billion yuan in revenue, up 13.3 per cent from 1.5 billion yuan the previous year. The group attributed this to the technical transformation and optimisation of its power-plant management, savings in production costs, expansion of its steam-supply business, an increase in revenue from waste treatment, as well as an increase in the total amount of waste it treated.

Meanwhile, revenue from the project technical and management service, equipment selection and sale, and energy management contracting business grew to 62.1 million yuan, up from 8.5 million yuan previously. This was driven by an increase in equipment selection and sales, said the company.

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Looking ahead, the group expects green certificate trading and carbon asset management to be among the growth drivers for the waste-to-energy industry in the years ahead, as China pushes ahead with its goal of carbon peaking and carbon neutrality.

To align itself to these trends, the company will continue to grow its waste-to-energy projects to expand its current waste-treatment capacity.

Wei Dongliang, Zheneng Jinjiang’s executive chairman, said that the latest results show that the company’s early efforts in improving the operational management efficiency of its power plants have started to bear fruit.

“As we continue to explore and improve, we also have a series of initiatives to strengthen the company’s industrial chain, which will progressively consolidate our revenue base over the foreseeable future,” he added.

Overall, the company is optimistic that it will continue to deliver sustainable growth to its shareholders, leveraging its experience and expertise in the industry, as well as the Chinese government’s efforts to steer the green transition, added Wei.

Shares of Zheneng Jinjiang rose 33.3 per cent, or S$0.08 to S$0.32 on Tuesday.