Financial Performance - The company reported a revenue of HKD 2,043,222 thousand for the six months ended June 30, 2023, compared to HKD 3,228,390 thousand in the same period of 2022, representing a decrease of approximately 36.7%[16] - Gross profit for the same period was HKD 427,501 thousand, down from HKD 1,060,527 thousand in 2022, indicating a decline of about 59.7%[16] - The net profit for the period was HKD 409,988 thousand, a significant drop from HKD 928,472 thousand in the previous year, reflecting a decrease of approximately 55.8%[17] - Basic earnings per share decreased to HKD 4.88 from HKD 11.37, marking a decline of about 57.0%[16] - Other income, gains, and losses for the period amounted to HKD 65,938 thousand, down from HKD 102,486 thousand in 2022, a decrease of approximately 35.6%[16] - Operating cash flow for the six months ended June 30, 2023, was HKD 530,876 thousand, a decrease of 53.8% compared to HKD 1,149,572 thousand in 2022[27] - EBITDA for the same period was HKD 832.8 million, down 49.7% from HKD 1,654.5 million year-on-year[75] - The profit attributable to ordinary shareholders was HKD 383.2 million, representing a 57.1% decrease from HKD 893.3 million in the previous year[76] Revenue Breakdown - Revenue from aluminum sales was HKD 770,240, up from HKD 736,090 in 2022, representing a growth of 4.1%[39] - Coal revenue decreased to HKD 539,350 from HKD 658,647, a decline of 18.1%[39] - Oil revenue also saw a decline, falling to HKD 733,632 from HKD 955,767, a decrease of 23.3%[39] - The group's revenue for the six months ended June 30, 2023, was HKD 2,043.2 million, a decrease of 36.7% compared to HKD 3,228.4 million in the same period of 2022[75] Assets and Liabilities - Total non-current assets amounted to HKD 9,243,085 thousand, a slight decrease from HKD 9,169,695 thousand[19] - Current assets decreased from HKD 3,196,482 thousand to HKD 2,654,333 thousand, primarily due to a reduction in cash and deposits from HKD 2,130,203 thousand to HKD 1,632,467 thousand[19] - Total current liabilities increased from HKD 1,203,745 thousand to HKD 1,482,291 thousand, with trade payables rising from HKD 106,899 thousand to HKD 88,024 thousand[19] - Non-current liabilities decreased from HKD 3,470,134 thousand to HKD 2,744,593 thousand, mainly due to a reduction in bank and other borrowings from HKD 2,486,640 thousand to HKD 1,826,760 thousand[21] - Total equity decreased from HKD 7,765,688 thousand to HKD 7,597,144 thousand, reflecting a decline in reserves[21] - The company's total assets as of June 30, 2023, were HKD 4,740,693, down from HKD 5,037,515 at the end of 2022[37] - Total liabilities decreased to HKD 1,360,891 from HKD 1,448,970, indicating a reduction of 6.1%[37] Cash Flow and Financing - The company reported financing costs of HKD 89,951 thousand for the period, an increase from HKD 55,122 thousand in the previous year[16] - Cash flow from operations showed a significant decrease, impacting overall liquidity[23] - The company's cash flow from financing activities showed a net outflow of HKD 856,362 thousand, compared to a smaller outflow of HKD 373,129 thousand in the same period last year[27] - The company’s cash and bank balance decreased to HKD 517,506 thousand from HKD 1,289,585 thousand, reflecting a decline of 59.9%[27] - The group had a total of 202 full-time employees as of June 30, 2023, an increase from 199 employees a year earlier[97] Strategic Focus and Future Outlook - The company is focused on international trade through its import and export of commodities business, leveraging strong expertise and established marketing networks[8] - The company is focusing on market expansion and new product development strategies to enhance future growth prospects[23] - The group aims to explore new business directions in renewable energy and new materials to enhance shareholder returns[74] - The company has actively pursued oil sales rights from joint ventures and is exploring potential aluminum sales rights from associates[35] - The company has terminated its steel product import and distribution arrangements as of November 2022, impacting future revenue streams from this segment[35] Shareholder Information - As of June 30, 2023, Mr. Chen holds 786,558,488 shares, representing 10.01% of the company's total issued share capital[102] - CITIC Group holds 4,675,605,697 shares, accounting for 59.50% of the company's total issued share capital[106] - The total number of shares that may be granted under the share option plan is capped at 786,852,714 shares, which is 10% of the total issued shares at the time of the plan's adoption[104] - No share options have been granted under the share option plan since its adoption on June 27, 2014[104] Compliance and Governance - The audit committee reviewed the interim report along with senior management[110] - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests and short positions[103] - No changes in director information were disclosed since the date of the 2022 annual report[110] - The company has not reported any new product developments or market expansions in the latest financial report[109]

Financial Performance - The company's revenue for the six months ended June 30, 2023, was HKD 2,043.2 million, a decrease of 36.7% compared to HKD 3,228.4 million in the same period last year[2]. - EBITDA for the same period was HKD 832.8 million, down 49.7% from HKD 1,654.5 million year-on-year[2]. - Adjusted EBITDA decreased by 41.4% to HKD 1,140.2 million from HKD 1,947.3 million in the previous year[2]. - Profit attributable to equity holders of the company was HKD 383.2 million, representing a 57.1% decline from HKD 893.3 million in the prior year[2]. - Total comprehensive income for the period was HKD 302.9 million, down from HKD 784.4 million in the previous year[6]. - The adjusted profit before tax for the first half of 2023 was HKD 474,059,000, down from HKD 1,359,414,000 in the first half of 2022, indicating a decrease of about 65.1%[13]. - The net profit attributable to shareholders for the same period was approximately HKD 383.2 million, a year-on-year decline of about 57.1%[20]. Revenue Breakdown - Total revenue for the first half of 2023 reached HKD 2,083,828,000, a decrease from HKD 3,322,669,000 in the same period of 2022, representing a decline of approximately 37.4%[13]. - The aluminum segment generated revenue of HKD 770,240,000 in the first half of 2023, compared to HKD 736,090,000 in the same period of 2022, reflecting a growth of approximately 4.6%[13]. - The coal segment's revenue decreased to HKD 539,350,000 in the first half of 2023 from HKD 658,647,000 in the same period of 2022, a decline of about 18.1%[13]. - The oil segment reported revenue of HKD 733,632,000 in the first half of 2023, down from HKD 955,767,000 in the same period of 2022, representing a decrease of approximately 23.3%[13]. - The oil and gas business generated revenue of approximately HKD 730 million in the first half of 2023, a year-on-year decrease of about 23.2%[27]. Asset and Liability Management - Non-current assets totaled HKD 9,169.7 million as of June 30, 2023, slightly down from HKD 9,243.1 million at the end of 2022[7]. - Current assets decreased to HKD 2,654.3 million from HKD 3,196.5 million at the end of 2022[7]. - Total equity attributable to equity holders of the company was HKD 7,561.5 million, down from HKD 7,745.4 million at the end of 2022[8]. - The total assets as of June 30, 2023, were HKD 4,740,693,000, a decrease from HKD 5,037,515,000 as of December 31, 2022, reflecting a decline of about 5.9%[14]. - The total liabilities as of June 30, 2023, were HKD 1,360,891,000, down from HKD 1,448,970,000 as of December 31, 2022, indicating a decrease of approximately 6.1%[14]. Financial Position and Liquidity - The company repaid bank borrowings of approximately HKD 761.6 million during the period, maintaining a strong financial position with cash and deposits of about HKD 1,632.5 million as of June 30, 2023[3]. - As of June 30, 2023, the group maintained strong liquidity with unused bank credit of approximately HKD 1,716.0 million, down from HKD 1,815.1 million as of December 31, 2022[30]. - The total debt of the group as of June 30, 2023, was approximately HKD 1,878.9 million, a decrease from HKD 2,644.4 million as of December 31, 2022[31]. - The net debt to net total capital ratio improved to 3.2% as of June 30, 2023, compared to 6.2% as of December 31, 2022[33]. - The group repaid bank loans of USD 85.0 million (approximately HKD 663.0 million) in 2023, contributing to a significant reduction in borrowings[32]. Strategic Focus and Future Plans - The company is actively pursuing new trade varieties and seeking oil sales rights from joint ventures, indicating a strategic focus on market expansion and diversification[12]. - The company plans to continue applying new technologies and processes to optimize production and improve management efficiency in the second half of 2023[29]. - The company aims to explore new energy and new materials business layouts to create new development directions and enhance shareholder returns[29]. Employee and Compensation - The group had 202 full-time employees as of June 30, 2023, an increase from 199 employees as of June 30, 2022[35]. - Total compensation for full-time employees in the first half of 2023 was approximately HKD 77.0 million, down from HKD 81.7 million in the same period of 2022[35]. Dividends and Investments - The group did not declare any interim dividend for the period, consistent with the previous year[37]. - The group has not made any new investments during the reporting period[34]. Governance - The executive director of the company is Mr. Hao Weibao[40]. - The non-executive director is Mr. Chen Jian[40]. - The independent non-executive directors include Dr. Fan Renda, Mr. Gao Peiji, and Mr. Lu Dong[40].

Financial Performance - The company achieved a consolidated revenue of approximately HKD 5,866.2 million for the year 2022, representing a year-on-year increase of about 34.9%[13] - The net profit attributable to shareholders was approximately HKD 1,335.5 million, reflecting a year-on-year growth of 21.0%[13] - Total revenue for the group reached HKD 5,866.16 million in 2022, marking a 34.9% increase from HKD 4,349.41 million in 2021[20] - Adjusted EBITDA for the group was HKD 3,123.16 million, reflecting a 28.7% increase from HKD 2,426.86 million in the previous year[20] - The oil and gas segment generated annual revenue of approximately HKD 1,854.2 million, representing a year-on-year increase of about 37.5%, contributing HKD 611.8 million to net profit attributable to ordinary shareholders, up by approximately 32.0%[15] - The non-oil and gas business reported total revenue of approximately HKD 4,012.0 million, a year-on-year increase of about 33.7%, with net profit attributable to ordinary shareholders rising by approximately 12.6% to HKD 705.2 million[16] - The coal business net profit surged by approximately 361.7% to HKD 454.5 million, while the metal aluminum segment's net profit decreased by about 37.4% to HKD 164.7 million[16] - The company recorded a significant fair value gain of approximately HKD 96.1 million from Australian electricity hedging agreements in 2022, compared to HKD 6.9 million in 2021[24] - The average realized oil price increased by 30% to USD 84.9 per barrel in 2022, compared to USD 65.1 per barrel in 2021[32] - The average realized price of crude oil increased by 13% to USD 75.8 per barrel in 2022, while the sales volume rose by 14% to 6,287,000 barrels[40] Operational Efficiency and Management - The management has emphasized enhancing operational efficiency and risk management capabilities to navigate a complex and challenging business environment[13] - The company is committed to exploring new technologies and processes to optimize management operations and improve work efficiency[13] - The company focuses on the import and export of commodities, leveraging strong expertise and established marketing networks for international trade[4] - The company aims to enhance risk management, compliance, and internal control while optimizing management systems and processes to capture new development opportunities in 2023[18] - The company is committed to exploring new business opportunities in renewable energy and materials, focusing on low-carbon green development[23] - The company has undertaken cost reduction and efficiency enhancement initiatives to capitalize on high commodity prices[13] - The company aims to enhance risk management, improve efficiency, and optimize management processes to capture new development opportunities and achieve long-term sustainable growth[66] Financial Condition and Liquidity - The overall financial condition of the company is reported to be at its best level in recent years, with ample liquidity[13] - The group's cash and deposits increased by 10.6% to HKD 2,130.20 million, while total assets decreased by 2.1% to HKD 12,439.57 million[21] - Total debt decreased significantly by 29.0% to HKD 2,644.41 million, and net debt fell by 71.5% to HKD 514.21 million[21] - The current ratio improved to 2.7 times, up from 2.3 times in the previous year, indicating better liquidity[21] - The company plans to maintain cash and deposits along with undrawn bank credit of USD 232.7 million (approximately HKD 1,815.1 million) to meet future debt repayments and capital expenditures[43] Corporate Governance - The company has committed to maintaining a robust corporate governance structure and adhering to applicable statutory and regulatory requirements to protect shareholder interests[66] - The board of directors consists of five members, including one executive director, one non-executive director, and three independent non-executive directors, ensuring a balanced skill set and diverse perspectives[67] - The company emphasizes the importance of independent opinions and data input for the board, facilitated by external legal and audit advisors[69] - The company has adopted a securities trading code for directors, ensuring compliance with established standards throughout the year[67] - The board has established various committees including the remuneration committee, nomination committee, audit committee, and risk management committee, ensuring satisfactory attendance at meetings throughout the year[80] Shareholder Information - The company proposed a final dividend of HKD 0.06 per share for the year ended December 31, 2022, an increase from HKD 0.045 per share in 2021[110] - The company's retained earnings as of December 31, 2022, were HKD 6,137,767,000, up from HKD 5,760,605,000 in 2021, indicating a growth of approximately 6.5%[113] - Shareholders holding at least 10% of the paid-up capital can request a special general meeting, which must be held within two months of the request[102] - Shareholders with at least 5% of voting rights can submit written requests for resolutions to be included in the annual general meeting agenda[103] Risk Management - The board of directors has a responsibility to maintain adequate risk management and internal control systems, which are reviewed annually for effectiveness[96] - The company has established a risk management and internal control system covering all business units to identify, assess, and manage significant risks[96] - The Risk Management Committee held two meetings during the year to review the group's risk management policies and the nature and severity of significant risks, including environmental, social, and governance risks[88] - The company conducts regular risk assessments, including compliance assessments and self-assessments related to risk management and internal controls[96] Investments and Joint Ventures - The company holds a 14% participating interest in the Coppabella and Moorvale coal mines joint venture, which is a major producer of low volatile pulverized coal injection coal in the international seaborne market[2] - The company has a 22.5% participating interest in the Portland Aluminium Smelter joint venture, one of the largest and most efficient aluminium smelting operations globally[5] - The company maintains a 9.6117% equity interest in Alumina Limited, a leading Australian company with significant global interests in bauxite mining and alumina refining[5] - The investment in joint ventures increased to HKD 2,374,903 in 2022 from HKD 2,073,765 in 2021, representing a growth of approximately 14.5%[167] Audit and Compliance - The audit committee is responsible for reviewing the financial statements for the year ending December 31, 2022, ensuring compliance with accounting principles and regulations[84] - The auditor issued an unqualified opinion report regarding the disclosed continuing connected transactions, confirming compliance with the company's board approval[147] - The company plans to reappoint PwC as the external auditor for the fiscal year 2023, pending shareholder approval at the upcoming annual general meeting[87] Employee and Management Changes - The company employed 206 full-time employees as of December 31, 2022, an increase from 179 employees in the previous year[52] - The board has made several changes to senior management prior to the report's publication date, reflecting ongoing adjustments to leadership[86] - Mr. Hao was appointed as an executive director on April 18, 2023, following Mr. Sun's resignation[120]

Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 5,866.2 million, representing a 34.9% increase compared to HKD 4,349.4 million in 2021[2] - EBITDA for 2022 was HKD 2,503.5 million, up 35.1% from HKD 1,852.6 million in 2021, while adjusted EBITDA increased by 28.7% to HKD 3,123.2 million[2] - Profit attributable to ordinary shareholders was HKD 1,335.5 million, a 21.0% increase from HKD 1,103.4 million in 2021[2] - Total comprehensive income for the year was HKD 1,195.962 million, compared to HKD 1,156.006 million in 2021[5] - The company reported a pre-tax profit of HKD 1,875,310,000 for the year, compared to HKD 1,336,323,000 in 2021, reflecting an increase of approximately 40%[15] - The company recognized impairment losses of HKD 52,753,000 in 2022, compared to HKD 33,032,000 in 2021, indicating an increase in impairment[15][21] - The total tax expense for the year was HKD 475,188,000, significantly up from HKD 222,176,000 in 2021, marking an increase of about 113%[25] Revenue Breakdown - The average price of Brent crude oil rose approximately 42.4% to USD 100.9 per barrel, contributing to the revenue growth[3] - Revenue from external customers in mainland China reached HKD 1,743,743,000 in 2022, up from HKD 1,247,524,000 in 2021, indicating a growth of about 40%[18] - Revenue from the coal segment was HKD 1,386,828,000 in 2022, compared to HKD 752,477,000 in 2021, marking an increase of approximately 84%[15][17] - The oil and gas segment generated a revenue of approximately HKD 1,854.2 million, reflecting a year-on-year increase of about 37.5%[35] - The company's revenue from Australia reached HKD 1,256,508,000 in 2022, up from HKD 978,617,000 in 2021, reflecting a growth of about 28%[18] Asset and Liability Management - Non-current assets totaled HKD 9,243.085 million as of December 31, 2022, down from HKD 9,453.299 million in 2021[7] - Current assets amounted to HKD 3,196.482 million, slightly down from HKD 3,250.441 million in 2021[7] - The company’s total liabilities increased to HKD 4,673,879,000 in 2022 from HKD 4,214,490,000 in 2021, indicating a rise of about 11%[15] - Non-current liabilities decreased from HKD 4,355,350 thousand in 2021 to HKD 3,470,134 thousand in 2022, a reduction of approximately 20.2%[8] - The total assets of the company as of December 31, 2022, were HKD 12,439,567,000, slightly down from HKD 12,703,740,000 in 2021[15][19] Shareholder Returns - The company’s basic earnings per share for 2022 was HKD 17.00, compared to HKD 14.04 in 2021[4] - The proposed final dividend per share increased to HKD 0.06 from HKD 0.045 in 2021, representing a rise of 33.3%[28] - The proposed final dividend for the year ended December 31, 2022, is HKD 0.06 per ordinary share, subject to shareholder approval[48] Operational Insights - The company has terminated its steel product import and distribution agreements, with the last transaction occurring in November 2022, but this has not impacted overall profitability[13] - Management is actively pursuing discussions to develop new trade varieties despite the termination of steel product activities[13] - The company’s operating segments include electrolytic aluminum, coal, import/export goods, and crude oil, with performance monitored for resource allocation decisions[13] - The company announced a reduction in production at the Portland Aluminium Smelter to approximately 75% of its total capacity due to production instability[32] Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules for the year ending December 31, 2022, with the exception of the separation of roles between the Chairman and CEO[49] - The audit committee, composed of three independent non-executive directors, has reviewed the group's annual performance for the year ending December 31, 2022[51] - The auditors, PwC, confirmed that the financial statements for the year ending December 31, 2022, are consistent with the preliminary performance announcement[51] - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the year ending December 31, 2022[50] Future Outlook - The group plans to explore new business opportunities in renewable energy and materials while focusing on low-carbon development[41] - The group aims to maintain cash and deposits at reasonable levels to meet foreseeable operational funding needs[47]

Financial Performance - The company's revenue for the six months ended June 30, 2022, was HKD 3,228,390, representing a 89.3% increase from HKD 1,703,857 in 2021[10]. - Gross profit for the same period was HKD 1,060,527, up from HKD 363,143, indicating a significant improvement in profitability[10]. - The net profit for the period was HKD 928,472, compared to HKD 447,537 in the previous year, reflecting a growth of 96.5%[10]. - Basic earnings per share increased to HKD 11.37 from HKD 5.44, marking a 109.4% rise[10]. - The company reported a total comprehensive income of HKD 784,383 for the period, compared to HKD 456,345 in 2021, an increase of 71.7%[11]. - The adjusted profit before tax for the group was HKD 1,359,414 for the six months ended June 30, 2022, reflecting strong operational performance across business segments[31]. - The net profit attributable to shareholders reached HKD 890 million, nearly doubling compared to the previous year[69]. - The net profit attributable to shareholders for the first half of 2022 was HKD 893 million, compared to HKD 427 million in the same period of 2021, reflecting a growth of 109%[79]. Revenue Breakdown - Total revenue for the six months ended June 30, 2022, was HKD 3,322,669, with sales to external customers amounting to HKD 3,228,390, showing a diversified income across segments[31]. - The revenue breakdown shows that aluminum sales amounted to HKD 736,090,000, coal sales were HKD 658,647,000, import and export goods generated HKD 877,886,000, and crude oil sales totaled HKD 955,767,000 for 2022[38]. - The aluminum segment generated revenue of HKD 821,748, contributing significantly to the overall performance of the group[31]. - The coal segment reported revenue of HKD 661,389, demonstrating stable operations in the mining sector[31]. - The oil segment achieved revenue of HKD 958,595, indicating robust sales in the oil market[31]. - Revenue for the electrolytic aluminum segment reached HKD 736.1 million, a 30% increase from HKD 566.7 million in 2021[80]. - Coal segment revenue surged to HKD 658.6 million, a 154% increase from HKD 259.3 million in 2021, despite a 31% decline in sales volume[82]. - Import products revenue increased to HKD 877.9 million, a 174% rise from HKD 320.3 million in 2021, driven by higher sales volume and prices[83]. Assets and Liabilities - Total assets less current liabilities increased to HKD 11,402,957 thousand as of June 30, 2022, compared to HKD 11,278,674 thousand as of December 31, 2021, reflecting a growth of 1.1%[16]. - Non-current assets totaled HKD 9,289,832 thousand as of June 30, 2022, down from HKD 9,453,299 thousand as of December 31, 2021, indicating a decrease of 1.7%[14]. - Current assets rose to HKD 3,964,475 thousand, up 21.9% from HKD 3,250,441 thousand in the previous period[14]. - Total equity reached HKD 7,354,109 thousand as of June 30, 2022, compared to HKD 6,923,324 thousand at the end of 2021, marking a growth of 6.2%[16]. - The total liabilities as of June 30, 2022, were HKD 1,562,808,000, slightly down from HKD 1,565,926,000 as of December 31, 2021[34]. - The company's total assets as of June 30, 2022, amounted to HKD 13.3 billion, with shareholders' equity at HKD 7.4 billion[69]. - The total debt of the group was HKD 3,381,900,000, which included unsecured bank borrowings of HKD 2,471,600,000, unsecured other borrowings of HKD 858,000,000, and lease liabilities of HKD 52,300,000[98]. Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2022, was HKD 1,149,572, compared to HKD 349,386 for the same period in 2021, representing a significant increase of 228%[23]. - Cash and cash equivalents increased to HKD 1,656,218 from HKD 1,384,448, indicating improved liquidity[23]. - The financing activities resulted in a net cash outflow of HKD 373,129, a decrease from HKD 1,150,807 in the previous year, highlighting a reduction in debt repayment[23]. - The company maintained a strong liquidity position with unused bank credit facilities of HKD 1,840.6 million[97]. Operational Highlights - The company holds a 14% participating interest in the Coppabella and Moorvale coal mines joint venture, which is a major producer in the international seaborne market[4]. - The company has a 22.5% interest in the Portland Aluminium Smelter joint venture, one of the largest aluminium smelting operations globally[5]. - The company has significant coal exploration operations in Australia with substantial resource potential, enhancing its market position[4]. - The company is focused on expanding its international trade capabilities through established marketing networks in the commodities sector[5]. - The average oil price from January to June was USD 107.7 per barrel, a year-on-year increase of 65.7%[69]. - The average selling price of aluminum from January to June 2022 was USD 3,232 per ton, representing a year-on-year increase of approximately 26.5%[72]. - The average selling price of coal reached USD 334.7 per ton in the first half of 2022, a significant increase of 270% year-on-year[73]. Strategic Initiatives - The company is currently evaluating the impact of newly issued accounting standards, which may lead to changes in accounting policies, although no significant impact on financial performance is anticipated at this time[27]. - The group plans to focus on cost reduction and efficiency improvement in the second half of 2022, amid challenges from high oil prices and inflation, while also enhancing risk management and compliance measures[75]. - The group aims to deepen technological innovation to improve production efficiency and economic benefits, while managing the impacts of geopolitical events on the business[75]. - The company is exploring potential acquisitions to enhance its portfolio, with a budget of AUD 50 million allocated for this purpose[119]. - A strategic partnership with a leading energy firm is anticipated to boost operational efficiency by 15%[119]. Employee and Corporate Governance - The total employee compensation for full-time employees was approximately HKD 81,700,000 for the first half of 2022, compared to HKD 72,700,000 in 2021[102]. - The group had 199 full-time employees as of June 30, 2022, an increase from 179 in 2021[102]. - The audit committee has reviewed the interim report along with the senior management[117]. - There have been no disclosures of interests or short positions in the company's shares by directors as of June 30, 2022[111].

Financial Performance - In 2021, CITIC Resources achieved consolidated revenue of approximately HKD 4.349 billion, a year-on-year increase of about 52.6%[7] - The net profit attributable to shareholders was approximately HKD 1.103 billion, reversing losses from the previous year and increasing profit by about HKD 1.467 billion[7] - The company reported a significant improvement in financial metrics, reaching the best levels in nearly five years[7] - EBITDA for 2021 was HKD 1,852,577,000, representing a significant increase of 619.6% compared to HKD 257,448,000 in 2020[14] - Adjusted EBITDA for 2021 was HKD 2,426,863,000, up 292.3% from HKD 618,664,000 in 2020[14] - The company reported a net profit attributable to shareholders of HKD 1,103,366,000 in 2021, a turnaround from a loss of HKD 363,848,000 in 2020[14] - The total assets increased by 3.5% to HKD 12,703,740,000 in 2021 from HKD 12,275,299,000 in 2020[15] - Total debt decreased by 24.0% to HKD 3,726,714,000 in 2021 from HKD 4,900,719,000 in 2020[15] - The company reported a total comprehensive income of HKD 1,156,006 for the year, compared to a loss of HKD 422,451 in 2020[165] Operational Highlights - The oil and gas business produced an operating output of 17.686 million barrels, with equity output of 9.509 million barrels, representing increases of 5.6% and 6.2% year-on-year, respectively[10] - Non-oil business revenue reached approximately HKD 3.001 billion, contributing a net profit of about HKD 626 million, with coal sales increasing by 34% year-on-year to 709,000 tons[11] - The average price of Dated Brent crude oil rose approximately 69.6% to USD 70.9 per barrel in 2021[16] - The aluminum segment reported revenue of HKD 1,257,100,000, a 50% increase from HKD 836,400,000 in 2020, with a profit of HKD 364,900,000 compared to a loss in the previous year[18] - The group’s coal business recorded revenue of HKD 740.7 million, an increase of 85% from HKD 400.4 million in 2020, with a profit of HKD 141.4 million compared to a loss of HKD 67.5 million in 2020[20] Cost Management and Efficiency - The company implemented cost reduction measures, achieving savings of over HKD 40 million through enhanced management and operational efficiency[8] - The implementation of "Cost Reduction and Efficiency Enhancement 2.0" has solidified long-term mechanisms for cost management[8] - Financing costs decreased to HKD 83,822 from HKD 150,315 in the previous year, reflecting improved financial management[164] Market and Strategic Initiatives - The company is actively exploring new oilfield development in Indonesia and Kazakhstan, with ongoing research into the potential of new blocks[9] - CITIC Resources has established a marketing network focused on international trade, enhancing its position in the commodities market[3] - The company plans to continue capital expenditures on drilling new wells in the Huadong block and is committed to applying new technologies to enhance production capacity[28] Corporate Governance - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[58] - The company has committed to maintaining a good corporate governance structure and adhering to applicable statutory and regulatory requirements[55] - The roles of the chairman and the CEO are clearly separated to delineate their respective responsibilities and authority[61] - Non-executive directors, including independent non-executive directors, constitute half of the board, ensuring a strong independent element for effective judgment[62] Risk Management - The risk management committee is responsible for overseeing the overall risk management framework and evaluating the effectiveness of risk control and mitigation tools[73] - The board has established a risk management framework that includes five levels, with the board ultimately responsible for assessing the nature and extent of risks[81] - The company has engaged an internal control consultant to review its internal control systems related to connected transactions, with recommendations being gradually adopted[81] Shareholder Communication - The company is committed to maintaining open communication with shareholders through various channels, including annual general meetings and announcements[91] - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[87] - The company proposed a final dividend of HKD 0.045 per share for the year ended December 31, 2021, compared to no dividend in 2020[98] Environmental and Sustainability Initiatives - The company is focusing on sustainability initiatives, with a goal to reduce carbon emissions by 30% over the next five years[51] - The company has integrated environmental protection into all activities and operations, promoting clean production to minimize environmental impact[101] Financial Disclosures and Compliance - The financial statements are prepared in accordance with HKFRSs, reflecting historical cost conventions, with all values presented in thousands of HKD[179] - The company has disclosed related party transactions in accordance with listing rules, including agreements with subsidiaries of CITIC Group[132] - The company has adopted a dividend policy that allows for the proposal and declaration of dividends based on financial management and cash flow considerations, with no guarantee of dividends in any specific period[86]

Financial Performance - The company reported a revenue of HKD 1,703,857,000 for the six months ended June 30, 2021, representing a 37.9% increase from HKD 1,235,649,000 in 2020[12] - Gross profit for the same period was HKD 363,143,000, compared to a gross loss of HKD 65,891,000 in the previous year[12] - The net profit attributable to shareholders was HKD 427,412,000, a significant recovery from a loss of HKD 430,809,000 in 2020[12] - The company achieved an operating profit before tax of HKD 489,697,000, compared to a loss of HKD 421,422,000 in the prior year[12] - The basic and diluted earnings per share for the period were HKD 5.44, recovering from a loss per share of HKD 5.48 in 2020[12] - The total comprehensive income for the period was HKD 456,345,000, compared to a loss of HKD 738,246,000 in the same period last year[13] - The company reported a total comprehensive income of HKD 434,131,000 for the period ending June 30, 2021[16] - The group achieved a revenue of HKD 1,703,900,000 for the first half of 2021, representing a year-on-year increase of 37.9%[61] - The group reported a profit attributable to shareholders of HKD 427,400,000, a significant turnaround from a loss of HKD 430,809,000 in the same period last year[67] - The group’s adjusted EBITDA for the first half of 2021 was HKD 1,021,610,000, compared to HKD 28,656,000 in the same period last year, marking a substantial improvement[67] Revenue Breakdown - The total sales to external customers in the aluminum segment for the six months ended June 30, 2021, were HKD 582,667,000[25] - The coal segment reported a revenue of HKD 259,383,000 for the same period[25] - The oil segment generated revenue of HKD 562,926,000, indicating strong performance in the energy sector[25] - Revenue from aluminum sales was HKD 566,661,000, while coal sales generated HKD 259,383,000, and crude oil sales contributed HKD 557,497,000 in 2021[29] - The electrolytic aluminum segment reported revenue of HKD 566.7 million, a 46% increase from HKD 387.6 million in 2020, with a profit of HKD 122.1 million compared to a loss of HKD 84.1 million[70] - The coal segment reported revenue of HKD 259.4 million, an 18% increase from HKD 220.3 million in 2020, but recorded a loss of HKD 25.5 million, slightly higher than the loss of HKD 25.3 million in the previous year[72] - The group's import and export business generated revenue of HKD 320.3 million, a 10% decrease from HKD 329.1 million in 2020, but the segment's performance improved by 186% due to higher commodity prices[74] Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2021, was HKD 349,386,000, compared to a cash outflow of HKD 31,950,000 in 2020[19] - The company reported a net cash outflow from financing activities of HKD 1,150,807,000 for the first half of 2021, compared to HKD 344,004,000 in 2020[19] - The cash and cash equivalents at the end of the period were HKD 1,384,448,000, up from HKD 1,153,996,000 in the previous year[19] - The group’s cash and cash equivalents stood at HKD 1,384,448,000 as of June 30, 2021, a decrease of 40.2% from HKD 2,314,285,000 at the end of 2020[68] - The group’s current ratio decreased to 1.9 times from 2.9 times at the end of 2020, indicating a tighter liquidity position[68] - The total debt decreased by 22.4% to HKD 3,800,748,000 from HKD 4,900,719,000 at the end of 2020[68] Assets and Liabilities - Total assets less current liabilities as of June 30, 2021, were HKD 10,436,004,000, a decrease from HKD 11,085,739,000 as of December 31, 2020, representing a decline of approximately 5.9%[15] - Non-current assets totaled HKD 9,223,191,000 as of June 30, 2021, compared to HKD 8,882,834,000 as of December 31, 2020, indicating an increase of about 3.8%[14] - Current assets decreased to HKD 2,577,185,000 from HKD 3,392,465,000, reflecting a decline of approximately 24%[14] - Current liabilities increased to HKD 1,364,372,000 from HKD 1,189,560,000, marking an increase of about 14.7%[14] - Non-current liabilities decreased to HKD 4,212,341,000 from HKD 5,318,421,000, representing a reduction of about 20.8%[15] - Total equity increased to HKD 6,223,663,000 as of June 30, 2021, from HKD 5,767,318,000 as of December 31, 2020, an increase of approximately 7.9%[15] - The total liabilities as of June 30, 2021, were HKD 1,499,572,000, compared to HKD 1,353,716,000 at the end of 2020[27] Operational Highlights - Overall production for the group reached 8,625,000 barrels, an increase of 264,000 barrels (3.2%) compared to the same period in 2020[62] - The Karazhanbas oil field saw a slight production increase of 1% year-on-year, while the Mungdong oil field experienced a significant rise of 21.4%[62] - The oil business's operating performance improved significantly, with a profit of HKD 172.8 million from the Karazhanbas oil field, compared to a loss of HKD 266.1 million in the previous year[69] - The company's oil production decreased by 13% year-on-year due to natural decline of existing oil wells[77] - Sales volume increased by 39% to 1,126,000 barrels, while total production rose by 19% to 1,105,000 barrels[80] Future Outlook and Strategy - Future outlook indicates a focus on international trade and market expansion, leveraging established marketing networks[5] - The company plans to continue investing in new product development and technology to drive growth[5] - The group plans to maintain strict cost control and enhance operational efficiency to further improve profitability amid fluctuating oil prices[66] - The group aims to explore new business directions through research in new fields and projects, while continuing to enhance existing asset value[66] - The company plans to continue capital expenditures on drilling new wells in the Yue Dong oilfield and is committed to promoting new technologies to improve production capacity[81] Employee and Management Information - As of June 30, 2021, the group had 187 full-time employees, including management and administrative staff[94] - The group’s compensation policy aims to provide fair market salaries to attract, retain, and motivate high-quality employees, with compensation levels benchmarked against industry standards[94] - The total compensation for key management personnel for the six months ended June 30, 2021, was HKD 15,185, an increase of 3.7% from HKD 14,639 in the same period of 2020[52] Compliance and Governance - The audit committee has reviewed the interim report along with senior management[109] - The group’s board members confirmed compliance with the securities trading code during the reporting period[96] - The company is committed to transparency and has provided investor relations contact information for further inquiries[113]

Financial Performance - The company reported a revenue of HKD 2,850,058,000 for the year, a decrease of 16.8% year-on-year[11]. - Shareholders' loss amounted to HKD 363,848,000, reflecting a significant downturn in performance due to market challenges[11]. - The group's revenue for the year ended December 31, 2020, was HKD 2,850,058,000, a decrease of 16.8% compared to HKD 3,425,510,000 in 2019[20]. - The adjusted EBITDA for 2020 was HKD 618,664,000, down 64.1% from HKD 1,723,302,000 in 2019[20]. - The group recorded a loss attributable to shareholders of HKD 363,848,000, compared to a profit of HKD 600,293,000 in 2019[20]. - The average price of Dated Brent crude oil fell by 35.4% to USD 41.8 per barrel, impacting the group's revenue[23]. - The electrolytic aluminum segment reported a revenue of HKD 836,400,000, a decline of 19% from HKD 1,033,300,000 in 2019[27]. - The coal segment experienced a 22% drop in average selling price and a 20% decrease in sales volume due to the COVID-19 pandemic[30]. - Revenue from the Moon Dong block decreased to HKD 701.4 million, down 26% from HKD 943.6 million in 2019 due to a 30% drop in average realized oil price[42]. - Revenue decreased by 47% compared to 2019, driven by a 39% drop in average realized oil prices and a 13% decline in sales volume due to production cuts and the pandemic[59]. Cash Flow and Liquidity - Cash flow remained strong, with cash balance increasing to HKD 2,314,285,000 by the end of 2020, up from the previous year[14]. - Cash and cash equivalents increased by 45.1% to HKD 2,314,285,000 from HKD 1,595,429,000 in 2019[21]. - As of December 31, 2020, the group maintained strong liquidity with unused bank credit of HKD 1,852,800,000 and cash and cash equivalents of HKD 2,314,300,000[62]. - Total debt decreased by 4.7% to HKD 4,900,719,000 from HKD 5,143,910,000 in 2019[21]. - The net debt to net total capital ratio improved to 30.8% as of December 31, 2020, down from 36.2% in the previous year[66]. Operational Efficiency and Cost Control - The company implemented cost control measures, resulting in a 46.8% reduction in interest expenses compared to the previous year[14]. - The group achieved a financing cost saving of HKD 127,700,000, a decrease of 45.9% year-on-year[24]. - The company has established an online office platform and document management system to enhance operational efficiency during the pandemic[16]. Strategic Initiatives and Future Outlook - The company aims to enhance the value of existing assets through advanced reservoir studies and the application of new technologies and processes[18]. - The management plans to leverage market recovery opportunities to improve operational performance in the upcoming year[18]. - The company is investing $50 million in research and development for new technologies aimed at enhancing user experience[78]. - Market expansion plans include entering three new countries, which are projected to add $300 million in revenue over the next two years[78]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $100 million allocated for potential deals[78]. Environmental, Social, and Governance (ESG) Commitments - The company has committed to integrating environmental, social, and governance (ESG) responsibilities into its risk management framework[16]. - The group has integrated environmental protection into all activities and operations, promoting clean production[150]. - The company obtained two national utility model patents during the year, aimed at reducing environmental pollution and safety risks[150]. Corporate Governance - The company has committed to maintaining a robust corporate governance structure to protect shareholder interests and ensure management integrity[89]. - The company has adhered to the corporate governance code principles and applicable provisions for the year ending December 31, 2020, with one exception regarding the disclosure of independent non-executive directors' commitments[90]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[93]. - Non-executive directors constitute half of the board, ensuring a strong independent element for effective judgment[101]. - The company has adopted a diversity policy for board member selection, considering various factors such as gender, age, and professional experience[112]. Risk Management - The risk management committee has reviewed the group's risk management policies, considering risks related to oil price fluctuations, COVID-19, and interest rates, and conducted market risk sensitivity analysis[119]. - The company has established a risk management and internal control system covering all business units to identify, assess, and manage significant risks[123]. - The risk management committee reviews the group's risk management practices and reports significant findings to the board[125]. Shareholder Engagement - The company is committed to maintaining open dialogue with shareholders through various channels, including annual general meetings[135]. - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[130]. - Shareholders with at least 5% of voting rights can submit written requests for resolutions to be considered at the annual general meeting[132].

Financial Performance - Revenue for the six months ended June 30, 2020, was HKD 1,235,649,000, a decrease of 32.5% compared to HKD 1,828,363,000 in 2019[14] - Gross loss for the period was HKD 65,891,000, compared to a gross profit of HKD 188,818,000 in the previous year[14] - The net loss attributable to shareholders for the period was HKD 430,809,000, compared to a profit of HKD 362,051,000 in 2019, representing a significant decline[14] - The basic and diluted loss per share for the period was HKD (5.48), compared to earnings of HKD 4.61 per share in the prior year[14] - Other comprehensive loss for the period amounted to HKD 308,194,000, leading to a total comprehensive loss of HKD 738,246,000[15] - The company reported a loss before tax of HKD (421,422,000) for the six months ended June 30, 2020, compared to a profit in the previous year, indicating a significant downturn in financial performance[26] - The company recorded a total salary expense of HKD 12,805 thousand for the first half of 2020, down from HKD 13,407 thousand in the same period of 2019, indicating a reduction of approximately 4.5%[52] - The adjusted EBITDA for the first half of 2020 was HKD 28,656, compared to HKD 743,246 in the first half of 2019, reflecting a significant decline[67] Revenue Breakdown - The revenue breakdown shows that aluminum sales contributed HKD 387,595,000, coal sales contributed HKD 220,333,000, and oil sales contributed HKD 298,639,000 for 2020[30] - The aluminum segment reported revenue of HKD 389,553,000, while the coal segment generated HKD 253,608,000, indicating a decline in both segments compared to the previous year[26] Assets and Liabilities - Total assets minus current liabilities as of June 30, 2020, is HKD 10,625,610, an increase from HKD 10,593,110 as of December 31, 2019, representing a growth of 0.3%[17] - Non-current liabilities increased to HKD 5,171,107 as of June 30, 2020, from HKD 4,400,361 as of December 31, 2019, reflecting a rise of 17.5%[17] - Total equity decreased to HKD 5,454,503 as of June 30, 2020, down from HKD 6,192,749 as of December 31, 2019, indicating a decline of 11.9%[17] - Cash and cash equivalents decreased to HKD 1,153,996 as of June 30, 2020, from HKD 1,595,429 as of December 31, 2019, a reduction of 27.7%[17] - Current liabilities significantly reduced to HKD 853,230 as of June 30, 2020, from HKD 2,074,900 as of December 31, 2019, a decrease of 58.8%[17] - The company’s total liabilities decreased to HKD 1,002,086,000 as of June 30, 2020, from HKD 1,135,280,000 at the end of 2019, a reduction of about 11.7%[28] Cash Flow and Financing - For the six months ended June 30, 2020, the company reported a net cash outflow from operating activities of HKD (31,950,000), a significant decrease from HKD 338,601,000 in 2019, representing a decline of approximately 109.4%[21] - The company reported financing costs of HKD 88,325,000, down from HKD 151,389,000 in the previous year[14] - The company increased bank borrowings to HKD 1,811,052,000 in 2020, compared to HKD 487,977,000 in 2019, marking an increase of about 271.5%[21] - The company’s bank and other borrowings were valued at HKD 4,811,115 thousand as of June 30, 2020, compared to HKD 5,052,775 thousand at the end of 2019, showing a decrease of approximately 4.8%[54] Market Conditions and Impact - The company experienced significant uncertainty in business prospects due to the COVID-19 pandemic, impacting commodity prices including crude oil, electrolytic aluminum, and coal[61] - The overall economic recovery is expected to be gradual, with oil prices projected to fluctuate between USD 40 and 50 in the second half of 2020[63] - The group plans to implement stricter cost control and cautious investment decisions in response to the uncertain market outlook[66] Shareholder Information - As of June 30, 2020, major shareholders include CITIC Group Limited with 4,675,605,697 shares, representing 59.50% of the total issued share capital[100] - CITIC Projects Management (HK) Limited holds 3,895,083,904 shares, accounting for 49.57% of the total issued share capital[100] - The company has confirmed that all directors have complied with the securities trading code during the reporting period[92] - The company has disclosed that there are no other interests or short positions held by directors or senior management in the company's shares or related securities as of June 30, 2020[97] Compliance and Governance - The company has complied with the corporate governance code, except for a deviation regarding the disclosure of reasons for Mr. Fan's multiple directorships[91] - The audit committee, along with senior management, reviewed the interim report[104] - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS)[106]

Financial Performance - The company achieved a revenue of HKD 3,425,500,000, representing a year-on-year decrease of 22.6%[15] - Shareholders' profit was HKD 600,300,000, down 33.7% compared to the previous year[15] - Adjusted EBITDA for 2019 was HKD 1,723,302,000, down from HKD 2,433,943,000 in 2018, reflecting a significant decline in operational performance[22] - The average price of Brent crude oil fell by 9.1% from USD 71.2 per barrel in 2018 to USD 64.7 per barrel in 2019, contributing to reduced oil contributions[24] - The group recorded revenue of HKD 643,100,000 for coal operations, a decrease of 28% from HKD 891,400,000 in 2018, primarily due to a 9% drop in average selling price and a 21% decline in sales volume[27] - The group reported a revenue of HKD 742,400,000 from import and export goods, down 36% from HKD 1,154,400,000 in 2018, attributed to declining prices and sales volumes[28] - CITIC Seram's segment profit decreased by 85% to HKD 8,600,000 in 2019 from HKD 56,800,000 in 2018, with average realized oil prices falling by 21%[30] - The average realized oil price for 2019 was USD 43.9 per barrel, down 21% from USD 55.9 per barrel in 2018, while sales volume decreased by 35% to 184,000 barrels[31] - The company reported a net profit of HKD 631,104,000, a decline of 33.6% compared to HKD 950,300,000 in 2018[133] - Basic earnings per share for 2019 was HKD 7.64, down from HKD 11.52 in 2018, representing a decrease of 33.3%[132] Financial Stability - The company's net debt to net total capital ratio decreased to 36.2% by the end of the fiscal year, indicating improved financial stability[17] - Interest expenses on bank and other borrowings decreased by 10.2% compared to the previous year[17] - The company reported a net debt to net total capital ratio of 36.2% as of December 31, 2019, down from 41.2% in 2018, indicating improved financial leverage[23] - The total assets decreased by 7.4% from HKD 13,679,747,000 in 2018 to HKD 12,668,010,000 in 2019[23] - Cash and cash equivalents decreased by 17.0% from HKD 1,921,169,000 in 2018 to HKD 1,595,429,000 in 2019[23] - Total debt stood at HKD 5,143.9 million, including unsecured bank borrowings of HKD 1,152.8 million and other borrowings of HKD 3,900 million[45] - The company fully repaid the A loan of USD 217 million (HKD 1,692.6 million) by the end of 2019[45] - The company has sufficient resources to meet foreseeable working capital needs, considering available borrowing capacity and internal resources[48] Operational Efficiency - The company is focusing on cost reduction and efficiency improvement to enhance its risk resistance capabilities[18] - The electrolytic aluminum segment turned a profit of HKD 20,000,000 in 2019, compared to a loss of HKD 104,800,000 in 2018, due to cost reductions and increased sales volume[25] - The group implemented a cost control plan, resulting in a 40% decrease in per barrel sales costs, with depreciation, depletion, and amortization costs down by 93%[32] - The average cost of sales per barrel slightly decreased by 2%, with direct operating costs increasing by 6% due to maintenance and labor costs[36] Investments and Projects - New oil drilling projects in the Yuedong oilfield in China and the Seram block in Indonesia are expected to contribute significantly to future production growth[16] - The company holds a 22.5% participating interest in the Portland Aluminium Smelter joint venture, one of the largest aluminium smelting operations globally[4] - The company is the single largest shareholder of CITIC Dameng Holdings Limited, a leading vertically integrated manganese producer[5] - The estimated proven oil reserves in the Seram block increased to 2,300,000 barrels as of December 31, 2019, up from 500,000 barrels in 2018[29] - As of December 31, 2019, the proven oil reserves in the Yue Dong oilfield were estimated at 30,100,000 barrels, a decrease from 31,700,000 barrels in 2018[34] Corporate Governance - The company is committed to maintaining a robust corporate governance structure to protect shareholder interests and ensure management integrity[58] - The board has confirmed compliance with the corporate governance code during the fiscal year ending December 31, 2019[59] - The company has established clear guidelines for management responsibilities and decision-making processes, ensuring accountability[61] - The board encourages active participation from all directors to ensure diverse opinions are considered in decision-making processes[62] - The company has established a remuneration committee that held four meetings during the year to review and approve the remuneration of newly appointed executive directors and performance-based bonuses[70] Risk Management - The company has established a comprehensive risk management and internal control system covering all business units to monitor, assess, and manage risks associated with its operations[81] - The risk management committee reviews the quality, completeness, and effectiveness of the group's risk management policies and procedures[81] - The company has taken appropriate measures to identify insider information and maintain its confidentiality until properly disseminated[81] - The nature and scope of significant risks have only slightly changed since the last annual review, with updates reported to the risk management committee[81] Employee Relations - The company has established defined contribution retirement benefit plans for eligible employees in Indonesia, Australia, and Hong Kong, with contributions calculated as a percentage of employees' basic salaries[49] - The compensation policy aims to provide fair market salaries to attract, retain, and motivate high-quality employees, with remuneration levels benchmarked against industry standards[49] - The group provides free accommodation to some employees in Indonesia as part of its employee benefits[49] Financial Reporting and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, reflecting a historical cost basis, with adjustments for certain financial instruments[154] - The company’s consolidated financial statements include subsidiaries controlled directly or indirectly, with performance consolidated from the date control is obtained[155] - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing and supervising the financial reporting procedures of the group[120] - The company has complied with all relevant laws and regulations, including disclosure and corporate governance requirements[94] Shareholder Information - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[85] - Shareholders with at least 5% of total voting rights can submit written requests for resolutions to be considered at the annual general meeting[86] - The company did not recommend a final dividend for the year ending December 31, 2019[90] Environmental Initiatives - The company has integrated environmental protection into all activities, enhancing resource utilization efficiency in its oilfield operations[93] - The company has completed the planting of a nursery covering 450 hectares in the Non-Bula block of Seram Island, Indonesia[93]