Qingdao TGOOD Electric's H1 Profit to Surge Up to 80%

Qingdao TGOOD Electric posted 2024 net profit attributable to shareholders of 916.6 million yuan, up 87% from 491.1 million yuan the previous year.

Earnings per share rose to 0.89 yuan from 0.48 yuan, according to a Tuesday filing with the Shenzhen bourse.

The outdoor box-type power products manufacturer's revenue climbed 21% year over year to 15.4 billion yuan from 12.7 billion yuan.

Shares of TGOOD Electric closed 2% higher Tuesday.

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 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.