Power Assets Holdings Limited (“Power Assets”) reported a profit attributable to shareholders of HK$14.70 billion for the six months ended 30 June 2026, a 383.26% surge from HK$3.04 billion a year earlier. Basic earnings per share increased to HK$6.90 from HK$1.43.

The earnings spike was driven primarily by a HK$11.29 billion gain on the disposal of the group’s interests in UK Power Networks and UK Rails, which generated cash proceeds of HK$44.84 billion. This transaction materially strengthened liquidity, lifting bank deposits and cash to HK$45.27 billion (31 December 2025: HK$2.53 billion) and shifting the group into a net cash position of HK$42.51 billion (year-end 2025: net debt HK$0.79 billion).

Despite divestments, Power Assets’ diversified portfolio continued to produce stable operational returns. Profit contribution from the United Kingdom portfolio rose to HK$13.13 billion (2025: HK$1.72 billion) on the disposal gain and solid performances at Northern Gas Networks and Wales & West Utilities. The Australian portfolio contributed HK$0.74 billion, up 13.02% year-on-year, supported by favourable exchange rates and steady results across Victoria Power Networks, United Energy and Australian Gas Networks. Investments in HK Electric produced HK$0.34 billion, broadly unchanged.

Group revenue, which comprises interest income from loans to associates and joint ventures, declined to HK$0.30 billion from HK$0.35 billion due to lower loan balances following the UK asset sale. Operating costs fell 11.92% to HK$0.13 billion.

The balance sheet remains robust: total assets stood at HK$109.65 billion, equity attributable to shareholders rose 13.66% to HK$103.13 billion, and S&P Global Ratings reaffirmed the company’s “A/Stable” credit rating on 28 May 2026. External bank borrowings totalled HK$2.76 billion, all unsecured and floating-rate, with 71% maturing between 2028 and 2031.

Capital expenditure was minimal during the period; outstanding contractual commitments were immaterial. Headcount fell to 13 from 16.

The Board declared an unchanged interim dividend of HK$0.78 per share, payable on 22 September 2026 to shareholders on record as at 10 September 2026.

Management reiterated that the enlarged cash reserves will be deployed prudently, with new investments to focus on mature, well-regulated energy assets and renewable infrastructure.