Financial Review
(HK$ 100 million) For Full Year Ended 31 December 2024 2023 Year-on-year Change | ||
Revenue | 302.58 | 320.90 -6% |
Gross Profit | 115.36 | 138.11 -16% |
EBITDA | 100.75 | 128.28 -21% |
Profit Attributable to Equity Holders of the Company | 33.77 | 44.29 -24% |
Return on Shareholders' Equity (%) | 7.01 | 9.27 -2.26ppt* |
Basic Earnings per Share (HK cents) | 54.98 | 72.10 -24% |
Final Dividend per Share (HK cents) | 9.0 | 8.0 13% |
Total Dividend per Share (HK cents) | 23.0 | 22.0 5% |
Dividend Payout Radio (%) | 41.8 | 30.5 11.3ppt* |
* ppt: percentage point
(HK$ 100 million) As at 31/12/2024 | As at 31/12/2023 Year-on-year Change | |
Total Assets | 1,860.27 | 1,891.83 -2% |
Total Liabilities | 1,196.10 | 1,236.60 -3% |
Equity Attributable to Equity Holders of the Company | 482.11 | 481.41 +0% |
Cash and Bank Balance | 80.42 | 86.33 -7% |
Gearing Ratio (%) (total liabilities/total assets) | 64 | 65 -1ppt* |
* ppt: percentage point
Trend in Revenue Structure and Revenue Analysis by Category
(HK$ 100 million)
Steady Progress in Market Expansion
Continued Consolidation of Operational Quality and Efficiency
Operating Highlights
Continued Enhancement of Management Efficiency
Advancement of Technological Innovation Empowerment
Establishment of a Diverse Ecological System
Construction of a Green Brand Image
1. Steady Progress in Market Expansion
In 2024, Everbright Environment continued to focus on three major areas, namely solid waste, water-related business and clean energy. It solidified its traditional business areas, explored new businesses and development models, further extended its business chains, expanded synergistic businesses, and promoted a balanced growth between asset-light and asset-heavy businesses. During the year under review, it invested in and secured 12 new projects with a total investment of approx. RMB1.764 billion, and signed new contracts for asset-light business worth approx. RMB1.835 billion.
Stable Development of the Traditional Major Businesses
• The Group invested in multiple projects in areas such as waste-to-energy ("WTE"), waste water treatment ("WWT") and solar power.
• It also expanded its asset-light services, including integrated sanitation solutions, industrial WWT, and equipment supply, further solidifying its business chains in WTE and industrial WWT.
Steady Progress in New Business Exploration
• The Group further expanded its clean energy business portfolio by investing in its first energy storage project in Guangzhou City, Guangdong Province.
• It developed its first biomass gasification project in Xiao County, Anhui Province, to further enhance its overall biomass utilisation capabilities.
• It implemented its first waste battery recycling project in Changzhou City, Jiangsu Province, which was not only the Group's inaugural project of this kind but also the first benchmark project for the implementation of the national major technical equipment of this kind in China.
• The Group secured its biogas purification business and established its channels for sales of biomethane to external clients, further optimising the value of its operating projects and enhancing efficiency through synergy.
• It also developed a virtual power plant and electricity trading platform, refining its "zero-carbon park + virtual power plant" business model. It also completed its first electricity transaction, marking its entry into the power trading business.
Orderly Expansion into international markets
• The Group actively pursued business opportunities in the Republic of Uzbekistan ("Uzbekistan"), Malaysia, and other countries and regions, signing a joint development agreement with Uzbekistan in relation to WTE projects in Ferghana and Namangan Provinces.
• It also secured or won the bidding for asset-light business contracts in Egypt, Indonesia, Malaysia, and India. These efforts have facilitated the global expansion of the Group's self-developed environmental protection equipment and technical solutions, reinforcing its commitment to green development under the Belt and Road Initiative.
2. Continued Consolidation of Operational Quality and Efficiency *
In 2024, Everbright Environment actively revitalised its existing businesses, with a focus on enhancing operational quality and efficiency.
Environmental energy deepened the implementation of the "12 Measures + Pre-Testing and Post-Evaluation" strategies for waste volume growth and enhanced waste storage efficiency. This led to a record-breaking average power generation efficiency of incoming waste at WTE projects surpassing 400 kWh/tonne. Measures to improve slag efficiency contributed to an annualised revenue increase of over RMB100 million. 2 WTE projects were approved for increased waste treatment fees.
Greentech thoroughly explored the localisation of fuel resources, reduced associated costs, and explored the resource utilisation and high-value application of biomass energy, accelerating business transformation and development.
Environmental water actively promoted the "Five Innovations" initiative#, implemented efficiency enhancement through the energy management contracting ("EMC") model, executed residue oxygen recycling projects, and piloted "Dark Factory" technologies, which cancelled manual night shift duty. 5 WWT plants received regulatory approval for tariff hikes.
• Household waste processing volume was approx. 56 million tonnes, an increase of 7% from 2023.
• The integrated power consumption ratio at WTE projects was approx. 15.4%.
• The average electricity generated per tonne of waste incinerated at WTE projects was approx. 461 kWh, an increase of 1% from 2023.
• Agricultural and forestry waste processing volume was nearly 7.7 million tonnes, similar to 2023.
• Total fuel settlement price decreased by 3% from 2023.
• Treatment volume of waste water and leachate from WTE projects was approx. 1.777 billion m3, an increase of 1% from 2023.
• The unit operating cost decreased by 5% from 2023.
* For full year of 2024 # The "Five Innovations" initiative refers to small inventions, small transformations, small innovations, small designs, and small suggestions
Total electricity generated was approx. 27.7 billion kWh, an increase of 7% from 2023.
Heat and steam supply volume was nearly 6.0 million tonnes, an increase of 37% from 2023.
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