Beijing Energy International Holdings sees profit shoot 209% to $63m

Beijing Energy International Holdings Co Ltd, a subsidiary of State-owned Beijing Energy Holding Co Ltd, announced that its profit soared 209.8 percent on a yearly basis to 409 million yuan($63.4 million)in the first half of this year, driven by both China and global market's surging demand for new energy products and solutions.

In the meantime, the Hong Kong-based ecological development solution provider saw its sales revenue jump 22.3 percent year-on-year to 1.31 billion yuan, the company said in a statement.

Beijing Energy International actively developed and expanded the new energy business in a number of provincial-level markets, including Shanghai, Shaanxi, Shandong, Hebei, Sichuan and Hubei provinces, as well as Xinjiang Uygur autonomous region and Inner Mongolia autonomous region, in the first half of 2021.

Meanwhile, the Hong Kong Stock Exchange-listed company reserved over 20 GW of installed power capacity orders at home market.

Apart from deepening its market presence in Australia and seizing more market share in Vietnam, the company has also been seeking opportunities in European market such as Spain and Italy. It preliminarily sealed 1 GW of installed power capacity deals in global markets between January and June.

With China aiming to peak carbon dioxide emissions by 2030 and achieve carbon neutrality by 2060, the nation's carbon pledges, backed by its technology accumulation and complete industrial chain, will play a major role domestically and internationally in innovation, which should help meet its objectives, the company said in a statement.

China has already promoted the use of renewable energy globally on a large scale to ensure that clean energy accounts for a large proportion of the overall energy mix in a market-oriented way at lower costs, said Jing Chunmei, a researcher at the Beijing-based China Center for International Economic Exchanges.

"Renewable energy will become the mainstay of an increase in energy and electricity consumption, rather than the incremental complementary role it has now. China's ability in cost control, in terms of unit production cost, will continue to provide companies with an advantage if they bid for projects in overseas markets," she said.