2021 results in line with consensus
During 2021FY, the consolidated revenue of Xinyi Energy recorded an increase of 33.4% YoY
to HK$2,296.6 million. Profit for the year attributable to the equity holders surged by 33.7%
to HK$1,232.3 million. Basic earnings per share amounted to 17.33 HK cents, a growth of
28.9% YoY. With a final dividend of 10.0 HK cents per share, it represents 99.5% of the
distributable income. The full year dividend of 17.4 cents was in line with market consensus.
The Group’s revenue was mainly derived from two core businesses, namely, (1) solar power
electricity generation and (2) service fee income from the provision of the solar farm
operation and management services. The former includes Sales of electricity and Tariff
adjustment (represents amount received and receivable from the sales of electricity to the
customer pursuant to the government policy on subsidies of solar energy in respect of the
Solar Farm Business). Revenue contributed by the sales of electricity and the tariff
adjustment significantly increased by 55.8% YoY to HK$1,068.4 million (46.5% of total
revenue) and 18.6% YoY to HK$1,218.2 million (53.0% of total revenue) respectively. The
Group recorded HK$10.0 million from the solar farm operation and management services
rendered for the 2021FY, which represented for 0.4% of the total revenue.