GD Power Development's Q2 Power Production Falls 1.6% in Q2

GD Power Development posted 2024 net profit attributable to shareholders of 9.83 billion yuan, up 75% from 5.61 billion yuan the previous year.

Earnings per share rose to 0.551 yuan from 0.314 yuan, according to a filing with the Shanghai bourse.

The energy company's revenue slipped 1% year over year to 179.2 billion yuan from 181.0 billion yuan.

GD Power Development declared a dividend of 0.11 yuan per share.

GD Power Development plans to invest 4.51 billion yuan in the construction of the Dadu River Laoyingyan Level 1 Hydropower Station, according to a Shanghai Stock Exchange filing on Tuesday.

The Chinese power generation services provider will inject 919.6 million yuan into the capital of its subsidiary, Dadu River, which will manage the construction.

The project will have a total installed capacity of 300,000 kilowatts, the filing said.

Qingdao TGOOD Electric was named as the first candidate for two pre-bids of energy equipment amounting to 197.5 million yuan, according to a Shenzhen Stock Exchange disclosure on Jan. 26.

The first bid is for GD Power Development's bid for box-type transformer equipment for new energy projects between 2025 and 2026. The bid amounts to 122.9 million yuan, the Chinese outdoor box-type power products manufacturer said.

The second bid is for Yalong River Basin Hydropower Development's bid for box-type transformer and its auxiliary equipment, which amounts to 74.6 million yuan.

GD Power Development forecasts its attributable profit to increase by 69% to 76% to around 9.50 billion yuan and 9.85 billion yuan in 2024 from 5.61 billion yuan in 2023.

The foreseen rise is attributable to the proceeds from the transfer of a 50% stake in a subsidiary and higher investment income, according to a Wednesday filing with the Shanghai Stock Exchange.

GD Power Development forecasts its attributable profit to increase by 69% to 76% to around 9.50 billion yuan and 9.85 billion yuan in 2024 from 5.61 billion yuan in 2023.

The foreseen rise is attributable to the proceeds from the transfer of a 50% stake in a subsidiary and higher investment income, according to a Wednesday filing with the Shanghai Stock Exchange.

GD Power Development and Tgood Electric signed major project contracts in Saudi Arabia, according to separate filings.

GD Power Development will establish a $1.11 billion joint venture with Abu Dhabi Future Energy Company, and Korea Electric Power , according to a Friday filing with the Shanghai Stock Exchange.

The JV will construct a 2 gigawatt solar power plant and power transmission facilities in As Sadawi, Eastern Province, Saudi Arabia, the filing said.

TGood snagged a 353-million Saudi riyal contract for power equipment supply and installation services for 132-kilovolt mobile substations from Saudi Electricity unit National Grid, according to a separate filing with the Shenzhen bourse Thursday.

Delivery of the substations is slated for April.