Strong Growth Driven by Waste-to-Energy and Service Segments
Zheneng Jinjiang Environment reported a remarkable surge in profits for the first half of 2023, with earnings more than doubling to 266.3 million yuan (S$49.7 million) from 93.5 million yuan in the same period last year. The company’s revenue also rose by 8.3% to reach 2 billion yuan, compared to 1.8 billion yuan in H1 2022.
The increase in revenue was primarily attributed to the growth in its core waste-to-energy business, which contributed approximately 1.7 billion yuan in revenue, a 13.3% increase from the previous year. This growth was fueled by improved operational management, cost savings, and an expansion in its steam-supply business.
Revenue from the project technical and management service, equipment selection and sale, and energy management contracting business also saw significant growth, rising to 62.1 million yuan from 8.5 million yuan in 2022.
Looking ahead, the company is optimistic about future growth opportunities, particularly in green certificate trading and carbon asset management, as China advances its carbon neutrality goals. The company plans to expand its waste-to-energy projects and strengthen its industrial chain to sustain growth and profitability in the long term.
