CGN New Energy (01811) saw its shares climb more than 9% after the release of its annual results. As of the latest update, the stock was up 7.97%, trading at HK$2.71 with a turnover of HK$51.65 million.

The company announced its full-year financial results, reporting revenue of US$1.6928 billion, down 13.2% year-on-year. Profit attributable to equity shareholders reached US$275.9 million, an increase of 11.2% compared to the previous year. Earnings per share stood at 6.43 US cents. A final dividend of 1.61 US cents per share has been proposed. The rise in net profit was primarily driven by gains from the sale of a subsidiary during the year. Additionally, a reduction in impairment losses recognized for property, plant, and equipment also contributed to the improved performance.

In terms of business segments, revenue from wind power projects in China amounted to US$652 million, a decrease of 5.1% from the previous year, mainly due to lower electricity prices and reduced power generation. Revenue from coal-fired, combined heat and power, and gas projects in China fell to US$36.3 million, down 70.1% year-on-year, largely attributed to the sale of the combined heat and power project within the year. Revenue from operations in South Korea totaled US$727 million, representing a 20.1% decline compared to the prior year.