China Everbright Water’s FY2023 profit rises 17% to HK$1.2 billion
CHINA Everbright Water’s net profit for the full year ended Dec 31, 2023, was up 17 per cent to HK$1.2 billion (S$206.2 million), as compared to HK$1 billion in FY2022.
Earnings per share also grew 17 per cent to HK$0.4151, from HK$0.3532 a year ago, based on financials released by the Hong Kong and Singapore dual-listed environmental services group on Tuesday (Feb 27).
Its board of directors have proposed a final dividend of HK$0.0581 per share, up from FY2022’s final dividend of HK$0.0514 per share. Upon approval at the upcoming general meeting, this will bring the total dividend of the full year to HK$0.1244, 17 per cent higher than the HK$0.1059 for FY2022.
Revenue for the year fell a slight 0.3 per cent to HK$6.7 billion. Overall gross profit margin increased to 42 per cent from 38 per cent in the prior year, partly due to lower direct costs and operating expenses.
The group highlighted its healthy financial position with ready access to various financial channels, funds and assets. Its gearing ratio dropped slightly to 60.7 per cent, as compared to 61.1 per cent a year ago.
In a separate announcement on the same day, the group said that Luan Zusheng will be appointed as the chairman of the board, replacing Hu Yanguo, with effect from Mar 18. Luan is currently the executive director and the chief executive officer of China Everbright Environment Group, the indirect controlling shareholder of the company, and a director of Sun Life Everbright Life Insurance Co.
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As at the midday market break on Tuesday, shares of China Everbright Water were trading down 2.2 per cent, or S$0.005, to S$0.22.
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