CM Energy Revenue Doubled with Nearly Half from Renewable Business

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Mar 27, 2023, 02:44 ET

HONG KONG, March 27, 2023 /PRNewswire/ -- CM Energy Tech Co., Ltd. ("Company", Stock Code 206.HK), a leading energy technology company, announced its 2022 audited financial results today: Revenue increased to USD 113 million or 98% growth compared to that in 2021. Net profit attributed to shareholders increased 180% to approx. USD 26 million for the same period. The revenue growth is mainly contributed by its renewable business sector, accounting for 43% of the total revenue. Due to the healthy cash flow, the Company also plans to declare dividends to its shareholders that subject to the approval of AGM.

Despite the challenges and difficulties with the global pandemic, the Company achieved record high growth largely due to successful execution of its transitioning strategics implemented a few years ago to align growth with the vast potential of renewable energy needs. By leveraging its experiences and the technologies accumulated in the last 20+ years, the Company has successfully developed technologies and supplied them to the offshore wind market, including its 1600 ton crane, jacking system, and control and drive system for wind turbine installation vessel ("WTIV"), gang way for the service vessel ("SOV") as well as the tensioning system for deep water floating wind turbines. At the same time, the Company is actively developing technologies for the green hydrogen sector to deepen its earning base from future sustainable green energy.

"CM Energy's vision is to become a leading green energy technology company in the world. Our success in the renewables sector and the 2022 performance is a testament of our energy transition strategy", said Mr. Yu Zhiliang, the newly appointed Chairman, CEO and Executive Director of the Company. "In addition to the offshore wind, we have also strategically positioned ourselves in the green hydrogen sector, including electrolysors for green hydrogen production, hydrogen refilling technologies and other green energy technologies development. These will support a more rapid growth in the future because of the magnitude of the unaddressed markets in the renewable energy world", added by Mr. Yu.

CM Energy

CM Energy (Previously "CMIC Ocean En-tech") is a leading energy technology company, serving the global energy industry for over 20 years. We provide complete engineering, manufacturing, and integrated solutions to customers in oil and gas, offshore wind, and hydrogen sectors. CM Energy has engineering, manufacturing and support centers strategically located in China, Singapore, USA, Mexico, Brazil, UK and the Netherlands.

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SOURCE CM Energy Tech Co., Ltd.