China Everbright Water H1 net profit rises 36% to HK$548.2m

MAINBOARD-LISTED China Everbright Water U9E posted a 36 per cent rise in net profit to HK$548.2 million (S$95.8 million) for its first half ended June 30, 2021, from HK$404.5 million a year ago.

The dual-listed environmental services group saw a "solid improvement" in market expansion and steady growth in its business scale during the half-year period, it said in a bourse filing on Wednesday.

Earnings per share stood at 19.16 Hong Kong cents for the half year, up from 14.14 cents a year ago.

Revenue for H1 rose 47 per cent to HK$3.11 billion, from HK$2.12 billion a year ago.

The group noted that in H1, it secured four wastewater treatment projects and one reusable water project, with a total investment of approximately 1.07 billion yuan, and also undertook one engineering, procurement and construction project, with a contract value of approximately 30.8 million yuan.

It also tapped into Tianjin's water market after it purchased a 65 per cent equity interest in Tianjin Binhai New Area Huantang Sewage Treatment.

An interim dividend of 5.75 cents per share was declared for the half-year period, up from 3.74 cents a year ago. The dividend will be paid out on or around Sept 10, after books closure on August 26.

An Xuesong, executive director and chief executive of China Everbright Water, said: "In the future, the group will continue identifying excellent business opportunities, strive to improve its intelligence and digitalisation level, ensure project construction quality, enhance project operations management, and continuously drive its technological innovation."

Shares of China Everbright Water closed at 25.5 Singapore cents on Wednesday, up two cents or 8.51 per cent.

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