Wind helps Huadian Fuxin boost 2018 profits

Ningxia wind farm using Goldwind turbines. Author: Land Rover Our Planet. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

March 25 (Renewables Now) - Chinese power producer Huadian Fuxin Energy Corp Ltd (HKG:0816) on Friday reported a 0.3% year-on-year increase in 2018 net profit, to CNY 2.47 billion (USD 367.9m/EUR 325.3m), mainly thanks to its wind power business.

The company’s profit attributable to equity holders for the past year amounted to CNY 2.27 billion, or 7.2% higher than in the year-ago period. Huadian Fuxin explained that its bottom line benefitted from the increased operating profit of its wind segment, which marked an 18.7% improvement, but was partly impacted by a 62.7% fall in the hydropower division. Operating profit at the solar segment rose by 22%.

Huadian Fuxin’s consolidated capacity includes 7.99 GW of wind, 1.16 GW of solar, 2.61 GW of hydro, 3.6 GW of coal and 902.6 MW of natural gas-fired power plants.

“In 2018, we took full advantage of the country’s various policies on promoting new energy consumption and strengthened communication and coordination with the dispatch departments of power grid companies, resulting in a significant increase in the key operating indicators of the wind power business of the group,” Huadian Fuxin said.

Details on the company’s performance in 2018 can be seen in the table below.

Amounts in CNY million 2018 2017
Revenue 18,329.7 16,812.7
Operating profit 4,809.1 4,860.7
-- Wind operating profit 3,639.6 3,065.6
-- Solar operating profit 638.4 523.1
-- Hydro operating profit 448.0 1,201.5
Profit before taxation 2,757.8 2,802.2
Profit attributable to the equity holders 2,268.5 2,117.0

In 2018, the Chinese firm’s power plants generated 44,573,721.3 MWh of electricity in total, of which 16,869,057.5 MWh and 1,613,383.0 MWh came from wind and solar, respectively. While wind and solar power production increased, hydropower generation declined by 36.4% in annual terms due to the low water resources.

(CNY 1.0 = USD 0.149/EUR 0.132)

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