China Longyuan Power Group Corp Class H ( (CLPXF) ) has realeased its Q3 earnings. Here is a breakdown of the information China Longyuan Power Group Corp Class H presented to its investors.
China Longyuan Power Group Corp Class H, a major player in the renewable energy sector, focuses on the development and operation of wind power and other renewable energy sources across China.
In its latest earnings report for the third quarter of 2024, China Longyuan Power Group Corp Class H revealed a mixed financial performance with a decline in revenue but notable growth in certain profitability metrics.
The company reported a 9.87% decrease in quarterly revenue compared to the same period last year, amounting to approximately 7.47 billion yuan. Despite this, the net profit attributable to shareholders surged by 41.58% to 1.65 billion yuan, largely driven by improvements in operational efficiencies and cost management. The company’s cash flow from operating activities also witnessed a significant rise of 62.01%, reaching nearly 9.76 billion yuan, highlighting strong operational cash generation.
Strategically, the company expanded its installed capacity with new wind and solar projects, increasing its total capacity to over 37,010 MW by the end of September 2024. This expansion aligns with the company’s ongoing commitment to bolstering its renewable energy portfolio, despite facing challenges such as reduced wind speeds affecting wind power utilization hours.
Looking ahead, the management remains cautiously optimistic, focusing on further expansion of its renewable energy projects and improving operational efficiencies to sustain growth in a competitive market environment.
