2024-06-14 28Hse Editor
CK Infrastructure Holdings Ltd (1038), a prominent global infrastructure company, remains committed to investing in lucrative projects in Hong Kong and abroad, according to Chairman Victor Li Tzar-kuoi. Speaking at the company's annual general meeting, Li emphasized that the potential returns of a project are more significant than its location.
This strategy was evident earlier in the month when CK Infrastructure acquired UU Solar, a renewable energy firm with a 68.7-megawatt capacity in the United Kingdom. This acquisition followed closely on the heels of another significant purchase - the Northern Ireland gas distributor, Phoenix Energy, in late April.
Discussing the company's financial performance, Li pointed out that despite a modest year-on-year single-digit growth last year, the underlying profits were robust. He explained that the apparent stagnation was due to the divestiture of part of its stake in Northumbrian Water in 2022, which skewed the comparison due to a one-off gain. Excluding this factor, the company’s net profit actually saw a 12 percent increase in 2023.
In related developments, Andrew John Hunter, the new chairman of Power Assets Holdings Ltd (0006), also under CK Infrastructure, reiterated at their AGM the commitment to cautious yet rewarding acquisitions. Executive Director Chan Loi-shun assured continued stable dividend payouts, aligning with the group's overall financial strategies.
Addressing concerns about low share prices at HK Electric Investments (2638), Chairman Canning Fok Kin-ning acknowledged the global impact of interest rates on power companies. However, he expressed confidence in the firm’s strategic investment plans boosting long-term benefits and improving share performance, especially if interest rates were to decrease.
Like
