Towngas Smart Energy’s renewable unit boosts 2024 profit

Core operating income was up over 30%.

Towngas subsidiary Towngas Smart Energy Company Limited has reported growth in 2024, thanks to its renewable energy business whose net profit jumped five-fold to $479m.

In a statement, the company said this, along with the steady growth of its gas unit, led to a 34.5% increase in core operating profit to reach $1.601b. After deducting non-operating gains and losses, the profit attributable to shareholders of the company amounted to$1.606b.

As of 31 December 2024, Towngas Smart Energy’s cumulative grid-connected photovoltaic capacity reached 2.3 gigawatts, with its annual power generation doubling year-on-year to 1.83 billion kilowatt-hours (kWh). Annual power trading volume, meanwhile, exceeded 8.4 billion kWh.

For the city-gas business, the total gas sales volume recorded a 5% increase to 17,201 million cubic metres during the year.

The board is proposing a final dividend of $0.16 per share and a one-off special dividend of $0.03 per share, totalling $0.19 per share, up 18.8% from the previous year.