Financial Performance - For the fiscal year 2024, the group's revenue slightly decreased by 0.5% to HKD 82,690,000 compared to HKD 83,082,000 in 2023[11] - The group recorded a loss attributable to shareholders of HKD 196,000 in 2024, a significant decline from a profit of HKD 21,500,000 in 2023[11] - The group experienced a foreign exchange loss of HKD 9,446,000 due to the depreciation of the Canadian dollar against the Hong Kong dollar, compared to a foreign exchange gain of HKD 2,580,000 in 2023[11] - The expected credit loss provision for debt instruments decreased to HKD 315,000 from HKD 8,832,000 in 2023, impacting overall performance[11] - The lending business experienced a 66% decrease in revenue to HKD 846,000 in fiscal year 2024, primarily due to lower average loan amounts granted[35] - The group reported a loss attributable to equity holders of HKD 196,000 in 2024, a decline from a profit of HKD 21,500,000 in 2023, primarily due to losses in the lending and securities investment segments[51] - The group's total assets as of December 31, 2024, were HKD 436,984,000, compared to HKD 445,095,000 in 2023, with a debt-to-asset ratio of approximately 9%[52] - The group's bank and other interest income increased by 30% to HKD 7,642,000 in 2024, up from HKD 5,856,000 in 2023, driven by higher average funds applied to time deposits[53] Oil and Gas Operations - The Canadian oil assets contributed revenue of HKD 73,059,000, with EBITDA of HKD 43,826,000 and operating profit of HKD 19,275,000, compared to HKD 71,597,000, HKD 38,568,000, and HKD 17,874,000 respectively in 2023[9] - The average selling price of crude oil from Canadian assets was CAD 84.1 per barrel in fiscal year 2024, compared to CAD 78.2 per barrel in 2023[24] - The company produced approximately 173,900 barrels of crude oil in fiscal year 2024, down from 183,900 barrels in 2023[24] - In the fiscal year 2024, the company produced approximately 173,900 barrels of crude oil from its Canadian oil assets, a decrease from 183,900 barrels in fiscal year 2023[173] - The company aims to reduce its greenhouse gas emissions density (tons of CO2 equivalent per thousand barrels) by approximately 9.45% in fiscal year 2024 compared to fiscal year 2023, primarily due to the use of more efficient diesel-powered drilling equipment[179] - The company has set a target to gradually reduce its greenhouse gas emissions density over the next five years, using 21.88 tons of CO2 equivalent per thousand barrels as the baseline year of 2022[178] Solar Energy Business - The solar energy business generated revenue of HKD 8,286,000, EBITDA of HKD 8,002,000, and operating profit of HKD 2,724,000, showing slight growth from HKD 8,160,000, HKD 7,735,000, and HKD 2,661,000 in 2023[10] - The company has invested a total of HKD 58,265,000 in solar energy projects under the Feed-in Tariff Scheme[20] - The solar energy business recorded a revenue increase of 2% to HKD 8,286,000 in fiscal year 2024, despite a 3% decrease in sunlight hours[34] - The total investment in solar power projects reached HKD 58,265,000, with an operational capacity of approximately 3,200 kW from 50 solar photovoltaic systems[34] - The company continues to invest in solar energy projects in Hong Kong, contributing to the government's carbon neutrality goals by 2025[176] - The company operates 50 solar photovoltaic systems as of December 31, 2024, demonstrating its commitment to renewable energy and carbon emission reduction[200] Risk Management and Compliance - The group faces significant business risks from global economic conditions and international financial markets, which are beyond its control[62] - The group is exposed to financial risks related to interest rates, foreign currencies, and liquidity, with management policies in place to mitigate these risks[65] - The company has established various risk management policies and procedures across its business units to regularly identify and assess risks[137] - The audit committee reviewed the effectiveness of the group's risk management and internal control systems[133] - The company has adopted an anti-fraud and anti-corruption policy, emphasizing a zero-tolerance approach towards fraud and corruption[140] - The company has implemented internal guidelines to ensure compliance with local environmental laws and regulations[174] Corporate Governance - The company has a strong focus on compliance with legal and regulatory requirements as outlined in the corporate governance report[77] - The company has adopted a board diversity policy that considers skills, industry experience, and other factors when determining the optimal board composition[125] - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for independent judgment[120] - The company has established a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders[149] - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2024, with some deviations explained[110] Environmental Impact - The company is committed to reducing greenhouse gas emissions and enhancing energy-saving and emission reduction management[166] - The company has not reported any significant violations of environmental laws and regulations in fiscal year 2024 related to emissions and waste management[177] - Total greenhouse gas emissions decreased from 3,853.72 tons CO2 equivalent in 2023 to 3,299.91 tons CO2 equivalent in 2024, representing a reduction of approximately 14.4%[180] - The total amount of hazardous waste increased significantly from 140.89 tons in 2023 to 265.72 tons in 2024, an increase of about 88.5%[185] - The company emphasizes minimizing environmental impact and strictly adheres to local environmental laws and regulations in its operations[197] Employee and Workforce - The total employee cost for the year was HKD 13,411,000, an increase of HKD 1,684,000 from HKD 11,727,000 in 2023, primarily due to severance payments[61] - The group employed 23 staff members as of December 31, 2024, down from 26 in 2023, with 16 based in Hong Kong and 7 in Canada[61] - The employee gender ratio, including senior management, is approximately 3:2 as of December 31, 2024, indicating gender diversity within the workforce[127] - The company encourages employees to adopt energy-saving practices and has set goals to enhance energy awareness through annual activities starting from 2022[190] Future Outlook - The company anticipates continued volatility in international oil prices in 2025 due to various geopolitical and economic factors[8] - The company plans to drill three to four new wells in 2025, depending on market conditions, including oil prices and drilling costs[28] - The company aims to diversify its energy portfolio, focusing on both oil and solar assets for long-term sustainable growth[14]

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 82,690,000, a slight decrease of 0.5% compared to HKD 83,082,000 in 2023[2] - The company reported a loss before tax of HKD 2,933,000, down from a profit of HKD 22,334,000 in the previous year[3] - The net loss attributable to the company for the year was HKD 198,000, compared to a profit of HKD 21,500,000 in 2023[3] - The overall revenue for the group slightly decreased by 0.5% to HKD 82,690,000 in fiscal year 2024, compared to HKD 83,082,000 in 2023, resulting in a loss attributable to shareholders of HKD 196,000, down from a profit of HKD 21,500,000[40] - The company reported a total loss of HKD 198,000 for the year ended December 31, 2024, compared to a profit of HKD 21,500,000 in 2023[15] Revenue Sources - The company’s revenue sources include oil exploration and production, solar energy, lending, and investment securities[8] - Oil sales, net of royalties, increased to HKD 73,059,000 from HKD 71,597,000, representing a growth of 2.0%[2] - Revenue from solar energy sales was HKD 8,286,000 in 2024, up from HKD 8,160,000 in 2023, marking a growth of 1.54%[9] - In the fiscal year 2024, the Canadian oil assets contributed revenue of HKD 73,059,000, an increase from HKD 71,597,000 in 2023, with EBITDA rising to HKD 43,826,000 from HKD 38,568,000[38][41] - The solar energy business generated revenue of HKD 8,286,000 in fiscal year 2024, up from HKD 8,160,000 in 2023, with EBITDA increasing to HKD 8,002,000 from HKD 7,735,000[39][44] Asset Management - Total assets decreased to HKD 436,412,000 from HKD 434,858,000, a marginal decline of 0.4%[4] - Non-current assets decreased to HKD 209,602,000 from HKD 245,886,000, a reduction of 14.7%[4] - The company’s total assets as of December 31, 2024, were HKD 209,602,000, down from HKD 245,886,000 in 2023, a decrease of 14.74%[17] - The group’s total assets as of December 31, 2024, were HKD 436,984,000, down from HKD 445,095,000 in 2023[53] Financial Losses and Provisions - Interest income significantly decreased to HKD 846,000 from HKD 3,282,000, a decline of 74.2%[2] - Interest income from lending activities decreased significantly to HKD 846,000 in 2024 from HKD 2,490,000 in 2023, a decline of 66.06%[9] - The expected credit loss provision for lending activities was HKD 1,697,000 in 2024, compared to a reversal of HKD 2,468,000 in 2023[15] - The expected credit loss provision for the lending business was HKD 1,382,000 in fiscal year 2024, compared to a reversal of HKD 11,300,000 in 2023, primarily due to a decrease in the market value of collateral[46] - The group recognized an expected credit loss provision of HKD 315,000 for debt instruments, a significant decrease from HKD 8,832,000 in 2023[51] Operational Costs - Total employee costs increased to HKD 13,411,000 in 2024 from HKD 11,727,000 in 2023, representing a growth of approximately 14.4%[24] - Depreciation expenses rose to HKD 30,301,000 in 2024, up from HKD 26,129,000 in 2023, indicating an increase of about 16.6%[24] Foreign Exchange and Tax - The company experienced a net loss of HKD 9,446,000 from foreign exchange in 2024, contrasting with a gain of HKD 2,580,000 in 2023[19] - The income tax expense related to oil exploration and production increased to HKD 3,131,000 in fiscal year 2024, compared to HKD 834,000 in 2023[40] Shareholder and Governance - The company did not declare any dividends for the fiscal year 2024, consistent with 2023[25] - The company has complied with all applicable provisions of the Corporate Governance Code, except for the vacancy in the positions of Chairman and CEO[58][60] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024, which were formally approved by the board[63] Future Plans and Investments - The company plans to conduct a capital reorganization involving share consolidation and capital reduction, which was approved by shareholders[35] - The net proceeds from the placement will be allocated as follows: 20% for drilling new oil wells and enhancing production in Canadian oil assets, 10% for general working capital, and 70% for identified or potential investment opportunities[55] - The company is actively developing solar energy projects under the Feed-in Tariff Scheme, which allows participants to sell renewable energy at higher rates until the end of 2033[57] - The company aims to establish a diversified and balanced energy portfolio, including both oil and solar assets, to create long-term value for shareholders[57] Market Conditions - The average oil price fluctuated between USD 70 and USD 90 per barrel in 2023, with a peak of USD 84 per barrel in April 2024[37] - The average sunlight hours reported by the Hong Kong Observatory decreased by 3% to approximately 1,810 hours in fiscal year 2024, impacting solar energy generation[44]

Financial Performance - For the first half of 2024, the company recorded a revenue decrease of 5% to HKD 36,841,000 compared to HKD 38,618,000 for the same period in 2023[7]. - The company's profit attributable to shareholders decreased to HKD 1,034,000, down from HKD 16,377,000 in the previous year[7]. - The group’s overall profit attributable to equity holders was HKD 1,034,000 for the first half of 2024, significantly down from HKD 16,377,000 for the same period in 2023[21]. - The group reported a profit of HKD 1,034,000 for the period, compared to HKD 16,377,000 in the same period last year, indicating a substantial decrease[43]. - The group’s basic earnings per share decreased to HKD 0.02 from HKD 0.31 year-on-year, reflecting the overall decline in profitability[29]. - The group’s pre-tax profit decreased to HKD 1,446,000 from HKD 16,792,000 year-on-year, with net profit for the period at HKD 1,034,000 compared to HKD 16,377,000 previously[29]. Revenue Breakdown - The Canadian oil assets contributed revenue of HKD 32,605,000, with EBITDA of HKD 18,865,000 and operating profit of HKD 7,182,000 for the first half of 2024[6]. - The solar energy business generated revenue of HKD 3,759,000, with EBITDA of HKD 3,638,000 and operating profit of HKD 998,000 during the same period[6]. - Revenue from the solar energy business in the first half of 2024 was HKD 3,759,000, a slight decrease from HKD 3,790,000 in the previous period, while operating profit decreased by 18% to HKD 998,000[10]. - The group reported total revenue of HKD 36,841,000 from oil sales, a decrease from HKD 38,618,000 in the same period last year, while electricity sales remained relatively stable at HKD 3,759,000 compared to HKD 3,790,000[29]. - Oil sales revenue was HKD 32,605,000, slightly down from HKD 32,804,000 in the previous year, reflecting a decrease of 0.6%[40]. Credit Loss Provisions - The expected credit loss provision for debt instruments decreased to HKD 350,000 from HKD 3,824,000 in the previous year[7]. - The expected credit loss provision for receivables was HKD 395,000, compared to a reversal of HKD 9,719,000 in the previous year[7]. - Expected credit loss provisions amounted to HKD 395,000, primarily due to a decrease in the market value of properties pledged by borrowers[11]. - The expected credit loss provision for the period was HKD 395,000, compared to a reversal of HKD 9,719,000 for the same period last year[68]. - The total expected credit loss provision as of January 1, 2023, was HKD 23,800,000, with adjustments made throughout the year[70]. Asset and Liability Management - The total assets of the group as of June 30, 2024, were HKD 436,969,000, a decrease from HKD 445,095,000 as of December 31, 2023[22]. - The group's current assets increased to HKD 215,799,000 as of June 30, 2024, compared to HKD 199,209,000 as of December 31, 2023[22]. - The company's total liabilities decreased from HKD 31,405,000 to HKD 28,966,000, a reduction of approximately 7%[30]. - Total liabilities decreased to HKD 34,905,000 from HKD 41,642,000, reflecting a reduction in financial obligations[47]. - The group's debt instruments measured at fair value through other comprehensive income totaled HKD 3,312,000 as of June 30, 2024, down from HKD 3,662,000 as of December 31, 2023, with a fair value loss of HKD 350,000 recognized[19]. Investment and Capital Expenditures - The company invested a total of HKD 58,265,000 in solar power projects under the feed-in tariff scheme by June 30, 2024[6]. - Capital expenditures for EPR in the first half of 2024 amounted to CAD 21,000 (equivalent to HKD 119,000), primarily for new well drilling[9]. - The group currently operates 50 solar photovoltaic systems with a total grid-connected capacity of approximately 3,200 kW, with total investment in these solar projects reaching HKD 58,265,000[10]. Employee and Management Costs - As of June 30, 2024, the group had 24 employees, an increase from 22 employees as of June 30, 2023, with total employee costs amounting to HKD 6,393,000, up from HKD 5,610,000 in the previous year, reflecting an increase of HKD 783,000 due to the rise in employee numbers[27]. - The company reported a total remuneration for key management personnel of HKD 1,272,000 for the six months ended June 30, 2024, compared to HKD 1,176,000 for the same period in 2023, reflecting an increase of approximately 8.15%[92]. Corporate Governance and Compliance - The company has complied with all applicable provisions of the corporate governance code, except for the vacancy in the positions of Chairman and CEO[100]. - The company is in the process of identifying suitable candidates to fill the vacancies for Chairman and CEO[101]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, which were formally approved by the board[105].

Revenue and Profitability - Revenue from oil sales, net of royalties, for the six months ended June 30, 2024, was HKD 36,841,000, a decrease of 4.3% compared to HKD 38,618,000 for the same period in 2023[1] - The company reported a profit for the period of HKD 1,034,000, a decline of 93.7% compared to HKD 16,377,000 in the previous year[2] - Total revenue for the six months ended June 30, 2024, was HKD 36,841 thousand, a decrease from HKD 38,618 thousand in the same period of 2023, representing a decline of 4.5%[8] - The profit attributable to the company's owners decreased to HKD 1,034,000, down from HKD 16,377,000 in the previous year[33] - The lending business saw a revenue decrease of 69% to HKD 477,000, with operating profit (before expected credit loss provisions) down 77% to HKD 381,000[37] Assets and Liabilities - Total non-current assets decreased to HKD 221,170,000 from HKD 245,886,000, reflecting a reduction of 10%[3] - Current assets increased to HKD 215,799,000, up 8.4% from HKD 199,209,000 as of December 31, 2023[3] - The company's total liabilities decreased from HKD 31,405,000 to HKD 28,966,000, a reduction of 7.3%[4] - The net asset value of the company was HKD 402,064,000, slightly down from HKD 403,453,000[4] - The current assets amounted to HKD 215,799,000 as of June 30, 2024, compared to HKD 199,209,000 as of December 31, 2023[44] Earnings and Expenses - Basic earnings per share for the period was HKD 0.02, a decrease of 93.5% from HKD 0.31 in the previous year[2] - Employee costs increased to HKD 6,393 thousand in 2024 from HKD 5,610 thousand in 2023, an increase of 13.9%[16] - Depreciation expenses for property, plant, and equipment totaled HKD 13,989 thousand in 2024, compared to HKD 12,611 thousand in 2023, representing an increase of 10.9%[16] Financial Performance - The company experienced a foreign exchange loss of HKD 2,423,000 compared to a gain of HKD 1,696,000 in the previous year[2] - The expected credit loss provision for the six months ended June 30, 2024, was HKD 745 thousand, compared to HKD 5,895 thousand in 2023, indicating a reduction of 87.4%[11] - The expected credit loss provision for loans and interest recognized in profit or loss was HKD 395,000 during the interim period, compared to a reversal of HKD 9,719,000 in the same period of 2023[24] Investments and Strategic Initiatives - The company invested a total of HKD 58,265,000 in solar power projects as part of its diversification strategy[36] - The group has successfully acquired Canadian oil assets and established agreements to develop its solar energy business, indicating a strategic expansion into renewable energy[46] - The solar power projects are part of the Feed-in Tariff Scheme introduced by the Hong Kong government, which encourages private sector participation in clean energy production[47] - The group aims to diversify its energy asset portfolio, including both oil and solar assets, to create long-term sustainable growth and shareholder value[47] Market Conditions and Future Outlook - The average selling price of oil from Canadian assets increased by 19% to CAD 86.1 per barrel, while production decreased by 17% to approximately 76,600 barrels[35] - The company anticipates that oil production from Canadian assets will increase following the completion of drilling three new wells planned for early September 2024[35] - The group will manage its operations cautiously due to uncertainties arising from international oil price fluctuations and geopolitical tensions, including the Russia-Ukraine conflict[47] Governance and Compliance - The group has maintained a low debt ratio of approximately 8% as of June 30, 2024, down from 9% at the end of 2023, indicating a strong financial position[45] - The management believes that the group has sufficient financial resources to meet its ongoing operational needs[45] - The group has complied with all applicable provisions of the corporate governance code, except for the vacancy in the positions of Chairman and CEO[48][49]

Financial Performance - For the fiscal year 2023, the group's revenue increased by 84% to HKD 83,082,000, compared to HKD 45,102,000 in 2022, primarily due to the full-year contribution from the Canadian oil assets acquired in July 2022[9]. - The group recorded a profit attributable to shareholders of HKD 21,500,000 in fiscal year 2023, a turnaround from a loss of HKD 46,746,000 in 2022, driven by various factors including a reversal of expected credit losses[9]. - Earnings per share for fiscal year 2023 were HKD 0.41, compared to a loss per share of HKD 0.89 in 2022[9]. - The lending business recorded a profit of HKD 13,820,000 in fiscal year 2023, a significant improvement from a loss of HKD 16,237,000 in 2022[11]. - The group reported a revenue increase of 84% to HKD 83,082,000 for the fiscal year 2023, compared to HKD 45,102,000 in 2022, primarily due to the full-year contribution from the Canadian oil assets acquired in July 2022[23]. - The group achieved a profit attributable to shareholders of HKD 21,500,000 in fiscal year 2023, reversing a loss of HKD 46,746,000 in 2022, with earnings per share of HKD 0.41 compared to a loss per share of HKD 0.89 in the previous year[23]. Oil and Gas Operations - The Canadian oil assets generated revenue of HKD 71,597,000 and EBITDA of HKD 38,568,000 for the fiscal year 2023, significantly up from HKD 30,932,000 and HKD 13,178,000 in 2022, respectively[7]. - The oil exploration and production segment contributed a profit of HKD 17,874,000 in fiscal year 2023, up from HKD 4,078,000 in 2022[11]. - In the fiscal year 2023, the oil exploration and production business generated revenue of HKD 71,597,000, an increase of 131% from HKD 30,932,000 in 2022[25]. - EBITDA for the oil segment rose to HKD 38,568,000, up 192% from HKD 13,178,000 in the previous year[25]. - The average selling price of crude oil was CAD 78.2 per barrel, compared to CAD 81.6 per barrel in 2022[25]. - The group has successfully acquired Canadian oil assets, which are considered a valuable opportunity for further development in oil exploration and production[19]. Solar Energy Business - The solar energy business contributed revenue of HKD 8,160,000 and EBITDA of HKD 7,735,000 in fiscal year 2023, compared to HKD 6,536,000 and HKD 5,157,000 in 2022[8]. - The solar energy business recorded a revenue increase of 25% to HKD 8,160,000, up from HKD 6,536,000 in 2022[34]. - EBITDA for the solar segment increased by 50% to HKD 7,735,000, compared to HKD 5,157,000 in the previous year[34]. - The group invested a total of HKD 58,265,000 in solar power projects under the Feed-in Tariff Scheme, which aims to encourage private sector participation in clean energy production[20]. Lending Business - The lending business reported a revenue decrease of 36% to HKD 2,490,000, down from HKD 3,877,000 in 2022[35]. - The overall profit from the lending business was HKD 13,820,000, a significant recovery from a loss of HKD 16,237,000 in the previous year[35]. - The group's loan portfolio decreased by 73% to HKD 16,598,000 (from HKD 60,852,000 in 2022) due to the repayment of several receivables[40]. - The impairment provision for receivables and interest was HKD 11,910,000, reflecting credit risk assessments based on borrower credit records and current economic conditions[40]. Market Conditions and Risks - The international oil prices fluctuated within a narrower range in 2023, with Brent crude oil prices rising from approximately USD 80 per barrel in December 2022 to USD 94 per barrel in September 2023, before falling back to around USD 78 per barrel by December 2023[6]. - The group anticipates ongoing fluctuations in international oil prices in 2024 due to global supply and demand changes and geopolitical uncertainties[18]. - The group faces significant business risks from global economic conditions and international financial markets, which are beyond its control but have a major impact on its financial performance[65]. - The oil and solar businesses are subject to inherent risks such as mechanical failures and adverse weather conditions, which could disrupt operations and negatively impact financial performance[69]. Corporate Governance and Management - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2023, with some deviations explained[123]. - The management team includes experienced professionals with backgrounds in finance, accounting, and corporate governance, enhancing the group's operational capabilities[74][75][79][80]. - The board consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balanced composition for effective independent judgment[131]. - The company emphasizes the importance of transparency and accountability in its corporate governance practices[121]. - The board encourages continuous professional development for all directors to enhance their knowledge and skills, ensuring they are updated on regulatory changes and the business environment[134]. Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) policies and performance are discussed in the annual report[87]. - The board is committed to sustainable development, focusing on environmental protection and resource management[191]. - The group aims to create long-term value for the business and its stakeholders through prudent financial management policies[192]. - The management team is committed to improving internal controls and risk management systems to ensure compliance and operational integrity[199]. - An independent consulting firm has been hired to provide advice on ESG matters and to assist in data collection and analysis[198].

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 83,082,000, a significant increase of 84.0% compared to HKD 45,102,000 in 2022[2] - The gross profit from oil sales, net of royalties, was HKD 71,597,000, up from HKD 30,932,000, reflecting a growth of 131.7%[2] - The company reported a profit before tax of HKD 22,334,000, a turnaround from a loss of HKD 46,957,000 in the previous year[3] - The net profit for the year was HKD 21,500,000, compared to a loss of HKD 46,746,000 in 2022, indicating a substantial recovery[3] - The company reported a profit of HKD 21,500,000 for the year 2023, compared to a loss of HKD 46,746,000 in 2022, indicating a significant turnaround in performance[29] - The group reported a total profit attributable to owners of the company of HKD 21,500,000 in FY2023, a recovery from a loss of HKD 46,746,000 in FY2022[66] Assets and Equity - Total assets as of December 31, 2023, amounted to HKD 434,858,000, an increase from HKD 411,892,000 in 2022[5] - The company's equity increased to HKD 403,453,000 from HKD 376,313,000, reflecting a growth of 7.2%[6] - The group's current assets as of December 31, 2023, amounted to HKD 199,209,000, an increase from HKD 191,386,000 in 2022, while quick assets totaled HKD 171,071,000, up from HKD 90,568,000 in 2022[67] - The total assets of the group as of December 31, 2023, were HKD 445,095,000, compared to HKD 433,689,000 in 2022, while the debt-to-asset ratio decreased to approximately 9% from 13% in 2022[67] - The group reported an increase in equity attributable to shareholders to HKD 403,453,000 as of December 31, 2023, up from HKD 376,313,000 in 2022, reflecting profits earned during the year[68] Revenue Sources - Revenue sources include oil exploration and production, solar energy, lending, and investment securities[11] - Oil sales accounted for HKD 71,597,000 in 2023, up 131.7% from HKD 30,932,000 in 2022, after deducting royalties[12] - The company generated HKD 8,160,000 from electricity sales in 2023, an increase from HKD 6,536,000 in 2022[12] - Major customer A contributed HKD 64,818,000 to total revenue in 2023, compared to HKD 30,166,000 in 2022[22] - The Canadian oil assets generated revenue of HKD 71,597,000 in the fiscal year 2023, up from HKD 30,932,000 in 2022, with an EBITDA of HKD 38,568,000 compared to HKD 13,178,000 in the previous year[45][50] Lending and Investment - Interest income from lending activities decreased to HKD 2,490,000 in 2023 from HKD 3,877,000 in 2022[12] - The expected credit loss provision for lending activities was HKD 11,300,000 in 2023, compared to a loss of HKD 20,019,000 in 2022[18] - The loan portfolio size shrank by 73% to HKD 16,598,000 in FY2023, compared to HKD 60,852,000 in FY2022, primarily due to the repayment of several receivables[57] - The overall profit from the lending business was HKD 13,820,000 in FY2023, a significant recovery from a loss of HKD 16,237,000 in FY2022[56] - The group's securities investments generated a total income of HKD 835,000 in FY2023, down from HKD 3,757,000 in FY2022, and recorded a loss of HKD 10,038,000 compared to a loss of HKD 9,743,000 in FY2022[60] Operational Developments - The company completed the acquisition of Canadian oil assets on July 16, 2022, which included rights, facilities, and pipelines, enhancing its operational capacity in the region[40] - The company continues to develop its business plan for the Canadian oil assets acquired in July 2022, which has provided valuable opportunities for growth in oil exploration and production[45] - The company has invested a total of HKD 58,265,000 in solar power projects as of December 31, 2023, with 50 operational solar photovoltaic systems generating a combined capacity of approximately 3,200 kW[54] - The group is expanding its renewable energy portfolio by investing in solar projects under the Feed-in Tariff Scheme, which allows for higher-than-normal electricity prices for renewable energy sold to local power companies[71] Market Conditions and Strategy - The company anticipates continued volatility in international oil prices due to ongoing global supply and demand changes, geopolitical tensions, and the impact of the Russia-Ukraine conflict[44] - The company has implemented a strategy to diversify and balance its energy portfolio, including investments in renewable energy assets such as solar projects[46] - The group aims to develop a diversified energy portfolio, including both oil and solar assets, to create long-term value for shareholders despite market uncertainties from international oil price fluctuations and geopolitical tensions[70] - The group plans to continue actively developing its oil and solar businesses while managing operations cautiously due to ongoing market uncertainties[71] Financial Ratios and Metrics - The group's current ratio improved to approximately 19.5 as of December 31, 2023, compared to 8.8 in 2022, indicating a very liquid position[67] - Interest income from banks and other sources increased by 336% to HKD 5,856,000 in 2023, up from HKD 1,343,000 in 2022, primarily due to increased cash reserves and rising bank deposit rates[68]

Financial Performance - For the first half of 2023, the company's revenue increased significantly by 434% to HKD 38,618,000 compared to HKD 7,232,000 in the same period of 2022[12]. - The company recorded a profit attributable to owners of HKD 16,377,000, reversing a loss of HKD 24,252,000 in the first half of 2022[12]. - The overall profit for the group in the first half of 2023 was HKD 16,377,000, a significant recovery from a loss of HKD 24,252,000 in the same period of 2022[43]. - The group reported a profit before tax of HKD 16,792,000 for the period, compared to a loss of HKD 24,252,000 for the same period in 2022[79]. - The company reported a total comprehensive loss of HKD 25,277,000 for the six months ended June 30, 2023, compared to a total comprehensive loss of HKD 24,252,000 for the same period in 2022[63]. Revenue Contributions - The contribution from the Canadian oil assets was HKD 32,804,000 in revenue and HKD 7,701,000 in operating profit, with an EBITDA of HKD 18,183,000 during the same period[10]. - The solar energy business generated revenue of HKD 3,790,000 and operating profit of HKD 1,218,000, with an EBITDA of HKD 3,650,000 in the first half of 2023[10]. - Total revenue for the six months ended June 30, 2023, was HKD 38,618,000, with contributions from oil exploration and production (HKD 32,804,000), solar energy (HKD 3,790,000), lending (HKD 1,526,000), and investment securities (HKD 498,000)[78]. Investment and Capital Expenditure - The company has invested a total of HKD 58,265,000 in solar power projects under the feed-in tariff scheme as of June 30, 2023[10]. - During the first half of 2023, capital expenditure for four new well drilling projects totaled CAD 1,419,000 (equivalent to HKD 8,255,000), with 38 producing oil and gas wells in operation as of June 30, 2023[15]. - The investment in solar power projects is part of the Feed-in Tariff Scheme initiated by the Hong Kong government, which encourages private sector participation in renewable energy[56]. Credit Loss Provisions - The expected credit loss provision was reversed by HKD 9,719,000, compared to a provision of HKD 1,964,000 in the same period of 2022[12]. - The expected credit loss provision for loans and interest was reversed, resulting in a gain of HKD 9,719,000 compared to a loss of HKD 1,964,000 in the previous period[60]. - The expected credit loss provision for the period was HKD 3,824,000, a decrease from HKD 13,976,000 as of June 30, 2022[99]. Debt and Financial Health - The group's total assets as of June 30, 2023, were HKD 436,578,000, compared to HKD 433,689,000 as of December 31, 2022[46]. - The total liabilities decreased to HKD 42,156,000 as of June 30, 2023, from HKD 57,376,000 in December 2022, indicating improved financial health[81]. - The group recorded a net loss of HKD 3,824,000 from debt instruments recognized at fair value through other comprehensive income, compared to a loss of HKD 12,569,000 in the same period of 2022[43]. Renewable Energy Initiatives - The company aims to diversify and balance its energy portfolio through investments in renewable energy projects[10]. - The company is expanding its footprint in renewable energy by investing in solar projects to support sustainable business development[18]. - The company plans to continue expanding its renewable energy initiatives, particularly in solar energy, as part of its long-term strategy[78]. Employee Costs and Management - Employee costs for the group rose to HKD 5,610,000 in the first half of 2023, up from HKD 3,629,000 in the same period of 2022, primarily due to an increase in the number of employees in Canada[53]. - Total compensation for directors and key management personnel decreased to HKD 1,176,000 in 2023 from HKD 2,220,000 in 2022, reflecting a reduction of approximately 47%[114]. Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which is currently being addressed[126][127]. - The company is in the process of identifying suitable candidates to fill the vacancies for the Chairman and CEO positions[127]. - The board has decided not to declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[116].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示不會就本公佈全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：689） 截至二零二三年六月三十日止六個月之 中期業績 長盈集團（控股）有限公司（「本公司」）之董事會（「董事會」）欣然公佈本公司及其 附屬公司（統稱為「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明 綜合業績連同比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 收入 3 38,618 7,232 銷售石油，扣除權利金 32,804 – 銷售電力 3,790 2,629 利息收入 2,024 4,603 採購、加工及相關開支 (10,151) (802) 其他收入及虧損，淨額 5 7,214 326 ...

Financial Performance - The company recorded an 84% increase in revenue to HKD 45,102,000 for the fiscal year 2022, up from HKD 24,496,000 in 2021, primarily due to the inclusion of revenue from Canadian oil assets[11] - The company incurred a loss attributable to owners of HKD 46,746,000, compared to a loss of HKD 29,371,000 in the previous year, largely due to increased depreciation and expected credit losses[11] - Basic loss per share was HKD 0.89 cents, compared to HKD 0.56 cents in 2021[11] - The company reported a loss attributable to shareholders of HKD 46,746,000 for the fiscal year, compared to a loss of HKD 29,371,000 in the previous year, driven by increased depreciation and expected credit loss provisions[22] - The group reported a loss attributable to equity holders of HKD 46,746,000 for the year, compared to a loss of HKD 29,371,000 in 2021[58] Revenue Sources - The Canadian oil assets generated revenue of HKD 30,932,000 and an operating profit of HKD 4,078,000 from July 16 to December 31, 2022[8] - The oil exploration and production segment reported a profit of HKD 4,078,000, a turnaround from a loss of HKD 4,112,000 in 2021[9] - The solar energy business achieved a profit of HKD 1,403,000, compared to a profit of HKD 89,000 in the previous year[9] - Solar business contributed revenue of HKD 6,536,000 and operating profit of HKD 1,403,000 in the fiscal year 2022, significantly up from HKD 652,000 and HKD 89,000 in 2021[33] Investments and Acquisitions - The company completed the acquisition of Canadian oil assets for CAD 22,500,000 (approximately HKD 135,461,000) to enhance its oil exploration and production capabilities[8] - The acquisition of Canadian oil assets was completed on July 16, 2022, for a total consideration of CAD 22,500,000 (approximately HKD 135,461,000), contributing HKD 30,932,000 in revenue and HKD 4,078,000 in operating profit for the fiscal year[18] - The company invested a total of HKD 51,516,000 in solar power projects as part of its strategy to diversify and balance its energy portfolio[9] - Total investment in solar power projects reached HKD 51,516,000 by December 31, 2022, with an additional capital commitment of approximately HKD 6,978,000[33] Credit Losses and Lending Business - The expected credit loss provision amounted to HKD 20,019,000, compared to a reversal of HKD 4,356,000 in the previous year[11] - The lending business recorded a loss of HKD 16,237,000, down from a profit of HKD 17,440,000 in 2021[9] - The loan portfolio size decreased by 47% to HKD 60,582,000 as of December 31, 2022, down from HKD 115,001,000 in 2021, primarily due to loan repayments[39] - Expected credit loss provisions for loans and interest amounted to HKD 20,019,000 in 2022, compared to a reversal of HKD 4,356,000 in 2021[34] Operational Changes - The company has ceased its oil exploration and production operations in Argentina, focusing on the Canadian assets for future growth[23] - The company plans to drill 6, 14, 18, and 11 new oil and gas wells in 2022, 2023, 2024, and 2025, respectively, with adjustments made to the 2023 drilling plan[30] - The average remaining reserve life of operational oil and gas wells exceeds ten years, with 35 wells in operation as of December 31, 2022[26] Corporate Governance - The company has a strong management team with extensive experience in finance, accounting, and corporate governance[86] - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balance of power[138] - The company emphasizes the importance of transparency and accountability in corporate governance to benefit shareholders[128] - The company has complied with all applicable provisions of the corporate governance code for the year ended December 31, 2022, except for certain deviations explained in the report[130] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the group's sustainable development strategies and management methods[189] - The board is collectively responsible for the management of ESG matters and discusses related risks and opportunities at least annually[195] - The group aims to balance business expansion with stakeholder interests through a sustainable development framework[195] - The board has set multiple environmental and social key performance indicators (KPIs) to improve employee welfare and reduce greenhouse gas emissions[199] Financial Position - As of December 31, 2022, the total assets of the group amounted to HKD 433,689,000, a slight decrease from HKD 442,915,000 in the previous year[60] - The group’s equity attributable to owners decreased to HKD 376,313,000, equivalent to approximately HKD 7.18 per share, down from HKD 8.13 per share in 2021[60] - The group holds liquid assets of HKD 90,568,000 as of year-end, a decrease from HKD 198,548,000 in the previous year[59] Risk Management - The board is responsible for maintaining effective risk management and internal control systems, which are reviewed annually to protect shareholder interests[165] - The group has established procedures to identify, assess, and manage significant risks, including environmental, social, and governance risks, integrated into daily operations[167] - The external consultant conducted a review of the risk management and internal control systems, providing recommendations for improvements, which have been acknowledged by the audit committee[168] Shareholder Communication - The group has adopted a shareholder communication policy to ensure timely and equal access to comprehensive company information for shareholders and investors[182] - As of December 31, 2022, the board reviewed the effectiveness of the shareholder communication policy and found it to be properly implemented[182]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示不會就本公佈全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：689） 截至二零二二年十二月三十一日止年度之 全年業績公佈 長盈集團（控股）有限公司（「本公司」）之董事會（「董事會」）謹此公佈本公司及其 附屬公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合 業績連同比較數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收入 3 45,102 24,496 銷售石油，扣除權利金 30,932 1,523 銷售電力 6,536 652 利息收入 7,482 22,053 股息收入 152 268 採購、加工及相關開支 (13,952) (1,067) 其他收入及虧損，淨額 5 (8,210) 1,122 ...