By Amanda Lee


CLP Holdings' net profit for 2023 surged sevenfold, thanks to contributions from its core businesses in Hong Kong and China and a turnaround in the fair-value related to its forward energy contracts.

Net profit jumped to 6.66 billion Hong Kong dollars ($851.2 million) in 2023 from HK$924 million in 2022, the Hong Kong-listed power company said in a filing to the Hong Kong exchange Monday. Its revenue fell to HK$87.17 billion in 2023 from HK$100.66 billion in 2022, the company said.

CLP's operating earnings before fair value movements for 2023 increased 33% to HK$10.13 billion.

The company's fair value adjustments, mainly associated with EnergyAustralia's forward energy contracts, swung to a gain of HK$2.13 billion in 2023 from a loss of HK$2.98 billion in 2022, it said.

The company also announced a fourth interim dividend payment of HK$1.21 per share, the same as the year before. That brought total dividends in 2023 to HK$3.10, unchanged from 2022.


Write to Amanda Lee at amanda.lee@wsj.com


(END) Dow Jones Newswires

02-26-24 0058ET