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| Monday, 25 January 2021, 08:50 HKT/SGT | |
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HONG KONG, Jan 25, 2021 - (ACN Newswire) - VPower Group International Holdings Limited ("VPower Group", stock code: 1608.HK) has announced a positive profit alert that the net profit of the company for the year ended 31 December 2020 is expected to increase by more than 70% as compared with that of HK$283.6 million for the year of 2019. The expected increase is mainly attributable to the growth of both the power system integration (SI) business and the Investment, Building and Operating (IBO) business, and the significant contribution from VPower Group's joint venture, CNTIC VPower Group Holdings Limited ("CNTIC VPower"). VPower Group's potential should be on investors' watch.
CNTIC VPower is a 50-50 joint venture of VPower Group and China National Technical Import and Export Corporation ("CNTIC") established last year to jointly develop Myanmar's first batch of liquified natural gas (LNG)-to-Power projects, and provide one-stop LNG solution integrating LNG import, logistics, storage and regasification to the country. These projects have an aggregate installed capacity of 1,059.5MW, which exceeded the total capacity of all projects invested by VPower Group in the past few years. Upon entering into the respective power purchases agreements in June last year, these projects, with great growth potential, have commenced operation in phases and have already started to contribute profits to the Group.
VPower Group is the largest independent power producer in Myanmar, with a market share close to 25%. As Myanmar has an electrification rate of only 50%, VPower Group's introduction of LNG can satisfy the country's growing electricity demand and broaden its energy mix whilst providing a more environmentally friendly and sustainable power generation source. As such, it is believed that such LNG-to-Power projects in Myanmar will provide sustainable growth to VPower Group.
VPower Group is an integrated expert in distributed power generation (DPG). It principally engages in SI business, covering designing, integrating and sale of gas-fired and diesel-fired engine-based gen-sets and power generation systems, and IBO business, involving investing in, building and operating distributed power stations to supply reliable electricity. Over the years, VPower Group has established a global business presence, investing and operating DPG stations in power-deficient countries in Southeast Asia, such as Myanmar, Indonesia and Sri Lanka. VPower Group is now a leading distributed power station owner and operator in Asia.
Topic: Press release summary
Sectors: Daily Finance, Energy, Alternatives, Daily News
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