Huaneng Power International, Inc.: RMB 766 Million Net Profit Attributable to Equity Holders for 2019, Increased by 4.34% Compared to the Same Period Last Year
BEIJING, March 31, 2020 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced its audited operating results prepared under IFRS for the year ended December 31, 2019. For the twelve months ended 31 December 2019, the Company realized consolidated operating revenue of RMB174.009 billion (equivalent to approximately USD 24.943 billion, based on the exchange rate of USD 1 to RMB 6.9762 as of December 31, 2019), representing an increase of 2.63% compared to the same period last year, and net profit attributable to equity holders of the Company amounted to RMB766 million (equivalent to approximately USD 110 million), representing an increase of 4.34% as compared with the same period last year. Earnings per share amounted to RMB0.01(equivalent to approximately USD 0.001), ADS amounted to RMB0.20 (equivalent to approximately USD 0.029). The main reason for the increase of the net profit is the comprehensive impact of the decrease of fuel costs year-on-year and the increase of asset impairment loss. The Board is satisfied with the Company's results last year.
The Board proposed to declare a cash dividend of RMB0.135 (inclusive of tax) for each ordinary share of the Company held by shareholders.
In 2019, the Company proactively adapted to the changes in the market and anticipated the dynamics of the reforms in national economy and power market system to promptly realign its operating strategy. Throughout the year, the Company maintained stable operation of safe and clean production, achieved notable results in improving quality and efficiency, made headway in optimizing the structure, and strengthened its corporate governance. As a result, the Company has satisfactorily achieved its annual business objectives and maintained its leading position in the industry.
In 2019, total power generated by the Company's domestic operating power plants for the year on consolidated basis amounted to 405.006 billion kWh, representing a year-on-year decrease of 5.91%. The electricity sold amounted to 388.182 billion kWh, representing a year-on-year decrease of 4.38%. The annual average utilization hours of the Company's domestic power plants reached 3,915 hours, representing a year-on-year decrease of 293 hours. The utilization hours of coal-fired power generating units was 4,222 hours, representing a year-on-year decrease of 273 hours. In most of the areas where the Company's coal-fired power plants are located, the utilization hours of the Company were in a leading position. Total heat supplied by the Company's domestic operating power plants on consolidated basis amounted to 240 million GJ, representing a year-on-year increase of 10.69%.
Throughout the year, the Company procured an aggregate of 183 million tons of coal. By continuously and accurately judging coal market trends, optimizing procurement strategy and regional supply structure, reinforcing cooperation with major coal mines, targeting high- quality low- cost resources on an advanced basis, and reducing the increase of unit procurement price of standard coal effectively. The unit fuel cost of its domestic power plants throughout the year incurred for sales of power was RMB223.22/MWh, representing a year-on-year decrease of 5.77%.
In 2019, The Company maintains a leading position among major domestic power companies in terms of safe operations, technology economy and energy – consuming index. In 2019, the Company maintains a leading position among major domestic power companies, with the average equivalent availability ratio of the coalfired generating units of the Company was 93.49%; its weighted average house consumption rate was 4.49%; the average yearly coal consumption rate for the power generated was 288.52 grams/kWh; and the Company's average coal consumption rate for power sold was 307.21 grams/kWh. As per the demand for resolutely fighting against pollution, the Company actively carried out the three year action plan to defend the blue sky. With respect to air pollution emissions, the power generation companies affiliated to the Company have carried out ultralow-emissions transformation as planned with marked results. All of them have met or out-performed the national emission standards. With respect to treatment of unorganized emissions such as wastewater discharge and coal yards and ash yards, the Company has allocated funds to carry out environmental technological transformation projects such as wastewater treatment, coal yard closure, and ash yard transformation in power plants in key regions. All power plants have accelerated environmental protection transformation projects to ensure that pollutant emissions meet the requirements under pollution discharge permits and other ecological and environmental protection policies.
In 2019, The Company progressed smoothly in the construction of power supply projects. During the year, the controlled generation capacity of the newly commissioned wind generating units and photovoltaic units was 864MW and 422MW, respectively. As of 31 December 2019, the Company's controlled and equity-based generation capacity was 106,924 MW and 93,676MW, respectively.
In 2019, Tuas Power Ltd. ("Tuas Power"), a wholly-owned subsidiary of the Company in Singapore, maintained safe and stable operation of the generation units throughout the year. The total market share of Tuas Power in the power generation market for the whole year was 20.7%, representing a year-on-year decrease of 0.4 percentage point. The Singapore project (SinoSing Power and Tuas Power combined) recorded a pre-tax loss of RMB569 million, representing a decrease in loss of RMB261 million compared with RMB830 million in 2018.
The Sahiwal 2×660MW coal-fired power plant project in Pakistan is one of the projects given priority for implementation under the framework of the China-Pakistan Economic Corridor Energy Project Implementation Agreement. It is the first large-scale coal-fired power plant put into operation in the China-Pakistan Economic Corridor. It greatly eased the power shortage in Pakistan. The Pakistan project was included in the consolidated statements on 31 December 2018. Its profit before tax was RMB739 million for 2019.
In 2020, the Company will further strengthen market orientation, reform implementation, innovation incentive, and risk awareness. With safety and environmental protection as the foundation, quality and efficiency as the core, and reform and innovation as the driver, the Company will further optimize its structure, operations and assets and further enhance corporate governance. The company will strive to reach the annual power generation of approximately 410 billion kWh, with an average utilization hour of about 3,800 hours and will continue to improve its operating performance revolving around the goal of building a world-class listed power generation company, so as to create more value for the country, society and shareholders.
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About Huaneng Power International, Inc.
Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 106,924 MW and equity-based generation capacity of 93,676 MW. The power plants of the Company are located in 26 provinces, autonomous regions and municipalities in China. The Company also has a wholly-owned power company in Singapore, and an invested power company in Pakistan.
SOURCE Huaneng Power International, Inc.
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