China Everbright Water Reports Robust FY2023 Performance with 17% Profit Growth

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Written By Jackson Hartwell

China Everbright Water, a dual-listed environmental services group based in Hong Kong and Singapore, has announced its financial results for the full year ending December 31, 2023. 

The company experienced significant growth in net profit, earnings per share, and dividend payouts, showcasing its resilience and strength in the environmental services sector.

Strong Profit Growth

China Everbright Water’s net profit for FY2023 surged by 17% to HK$1.2 billion, compared to HK$1 billion in FY2022. This substantial increase underscores the company’s effective operational strategies and solid financial performance.

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Earnings Per Share and Dividend Increase

Earnings per share also witnessed a commendable growth of 17%, reaching HK$0.4151 from HK$0.3532 in the previous year. 

Credits: DepositPhotos

Reflecting its confidence in future prospects, the board of directors proposed a final dividend of HK$0.0581 per share, marking a significant increase from the FY2022 final dividend of HK$0.0514 per share. 

Pending approval at the upcoming general meeting, the total dividend for the year is set to rise by 17% to HK$0.1244 per share, compared to HK$0.1059 for FY2022.

Steady Revenue Amid Margin Improvement

Although revenue for the year experienced a slight decline of 0.3% to HK$6.7 billion, China Everbright Water managed to improve its overall gross profit margin, increasing it to 42% from 38% in the previous year. 

This improvement can be attributed to effective cost management strategies, resulting in lower direct costs and operating expenses.

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Financial Strength and Stability

The company emphasized its strong financial position, highlighting its access to various financial channels, funds, and assets. 

Despite economic uncertainties, China Everbright Water maintained a healthy gearing ratio, which decreased slightly to 60.7% compared to 61.1% in the prior year. This indicates the company’s prudent financial management and ability to navigate challenging market conditions.

Leadership Transition

In a separate announcement, China Everbright Water disclosed a leadership transition, with Luan Zusheng set to assume the role of chairman of the board effective March 18. 

Luan currently serves as the executive director and chief executive officer of China Everbright Environment Group, the company’s indirect controlling shareholder. 

His extensive experience in the environmental sector positions him well to lead China Everbright Water through its next phase of growth and development.

Demonstrating Resilience in the Environmental Services Industry

China Everbright Water’s impressive FY2023 financial performance underscores its resilience and capability in the environmental services industry. 

With strong profit growth, increased dividends, and a focus on financial stability, the company is well-positioned to capitalize on opportunities and drive sustainable value for its stakeholders. 

Strategic Expansion and Market Outlook

Looking ahead, China Everbright Water is strategically positioned to capitalize on emerging opportunities in the environmental services sector. 

With plans for expansion into new markets and diversification of its service offerings, the company aims to strengthen its competitive position and drive sustainable growth. 

Credits: DepositPhotos

Additionally, favorable government policies and increasing awareness of environmental issues provide a conducive environment for the company’s operations. 

Knowing this, investors can remain optimistic about China Everbright Water’s prospects and its potential to deliver long-term value.

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