CHINA-BASED waste treatment group Zheneng Jinjiang Environment reported a net profit of 411.6 million yuan (S$76.2 million) for the second half ended Dec 31, rising to more than 26 times the 15.3 million yuan it posted the prior corresponding period.
This translated to an earnings per share of 0.2838 yuan for the half-year period, up from 0.0105 yuan the previous year.
On Friday (Feb 28), the company said that revenue for H2 FY2024 climbed 6.2 per cent to 1.9 billion yuan from 1.8 billion yuan in H2 FY2023.
The company’s board proposed a final cash dividend of S$0.023 per share, up from S$0.013 per share in the year-ago period. This translates to a dividend payout ratio of 29 per cent. The dividend will be paid upon shareholders’ approval at its upcoming annual general meeting on a payment date will be announced later.
The company said that the Chinese government’s policy document Opinions on Accelerating the Comprehensive Green Transformation alongside expanded investments in clean energy have created “significant development opportunities” for the waste-to-energy industry.
Zheneng Environment executive chairman Wei Dongliang said: “With favourable national policies supporting renewable energy and the carbon peak and carbon neutrality goals, the group is well-positioned to drive long-term growth while piggybacking on China’s sustainable development agenda.”
Zheneng Jinjiang Environment shares fell 1.2 per cent or S$0.005 to S$0.43 on Thursday, before the announcement.
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