State Grid Information & Communication's H1 Profit Slides 11%

State Grid Information & Communication's three subsidiaries won the State Grid Corporation of China's procurement bids for substation equipment for 966 million yuan, according to a Shanghai bourse filing on Friday.

Anhui Jiyuan Software, Beijing Zhongdian Feihua Communication, and State Grid ICT Yili Technology were the winners for the bid for equipment, which included cables, the state-owned information communication equipment producer said.

The company's shares rose over 1% during late morning trade.

State Grid Information & Communication has completed the industrial and commercial change registration for its acquisition of a 100% equity stake in SGCC Yili Technology, according to a Shanghai Stock Exchange filing on Friday.

The state-owned information communication equipment producer last month disclosed plans to acquire Yili Technology from its controlling shareholder, SGCC Information and Communication Industry Group, for 1.85 billion yuan.

The target company, established in December 2000, has a registered capital of 409.6 million yuan and is based in Xiamen City, China.

State Grid Information & Communication's two subsidiaries won equipment bids from the State Grid Corporation of China for 477 million yuan, according to a Shanghai Stock Exchange filing on Friday.

Anhui Jiyuan Software and Beijing CEC Feihua Communications are yet to sign contracts after winning the State Grids' 23rd batch of procurements this year, the power company said.

State Grid Information & Communication posted 2024 net profit attributable to shareholders of 682.5 million yuan, down 18% from 828.2 million yuan the previous year.

Earnings per share rose to 0.57 yuan from 0.69 yuan, according to a filing with the Shanghai bourse.

The power company's revenue slipped 4.7% year over year to 7.32 billion yuan from 7.67 billion yuan.

State Grid Information & Communication declared a dividend of 0.171 yuan per share

Shares of the company rose 1% in recent trade.