By Yongchang Chin
China Resources Power Holdings Co.’s net profit fell to HK$1.59 billion (US$203.1 million) in 2021 from HK$7.58 billion a year earlier due to higher coal costs, the company said on Wednesday .
Full-year sales were HK$89.8 billion, up from HK$69.55 billion in 2020 amid growing power demand, China Resources Power said.
Net electricity generation for the year from the consolidated plants was 177,300 gigawatt-hours, up 14.4%, it said.
Coal costs have risen significantly over the past year. The average unit cost of standard coal rose 59.5% to 1,022 yuan per ton in 2021, the company said. The average unit cost of its subsidiary’s coal-fired power plants increased by 60.4% to CNY 305.8 per megawatt-hour.
The company’s cash investment was HK$26.72 billion in 2021 and it expects to spend HK$37.6 billion this year, with HK$30.5 billion going towards the construction of wind, solar and hydroelectric power plants will.
China Resources Power is researching carbon capture technologies and said it is participating in China’s carbon trading market to reduce its carbon emissions and peak in carbon emissions by 2025.
The company declared a total dividend of HK$0.295 for 2021 compared to HK$0.631 for 2020.
Write to Yongchang Chin at [email protected]