Revenue and Profitability - Revenue for the six months ended June 30, 2024, was HKD 8,439,807, representing a 35.6% increase compared to HKD 6,226,137 in the same period of 2023[2] - Profit for the period was HKD 1,010,270, down 39.3% from HKD 1,663,117 in the previous year[2] - Basic earnings per share fell by 38.7% to HKD 3.90 from HKD 6.36[2] - The company reported a total comprehensive profit of HKD 1,010,270 for the six months ended June 30, 2024, down from HKD 1,663,117 for the same period in 2023, a decline of approximately 39.2%[23] - The company recorded a profit attributable to shareholders of approximately HKD 1,010,276,000, a decrease of 39.3% compared to HKD 1,663,123,000 in the same period last year[70] Production and Exploration - Average daily production in Pakistan decreased by 13.9% to 38,349 barrels of oil equivalent, while production in the Middle East and North Africa increased by 12.1% to 63,949 barrels[2] - The average daily production during the reporting period was approximately 171,195 barrels of oil equivalent, a 0.5% increase from 170,271 barrels of oil equivalent in the previous year[72] - The company achieved six commercial discoveries during the reporting period, with four in Pakistan, one in Egypt, and one in Iraq[72] - The company drilled a total of 23 wells during the reporting period, with 10 in Pakistan and 13 in the Middle East and North Africa[71] - The cumulative production in Pakistan was approximately 9.91 million barrels of oil equivalent, with a cumulative equity production of approximately 6.98 million barrels of oil equivalent[75] Financial Position - Total assets increased by 5.8% to HKD 27,315,492 from HKD 25,829,150[2] - Net assets rose by 7.6% to HKD 13,812,317 compared to HKD 12,836,149 at the end of 2023[2] - The company’s cash and cash equivalents increased to HKD 4,395,540 from HKD 3,327,279[9] - Total trade and other receivables as of June 30, 2024, amounted to HKD 7,811,790,000, a decrease from HKD 8,048,362,000 as of December 31, 2023[38] - The total debt as of June 30, 2024, was approximately HKD 313,611,000, significantly reduced from HKD 2,794,035,000 as of December 31, 2023[116] Expenses and Costs - Gross profit decreased by 25.9% to HKD 1,888,578 from HKD 2,549,269 year-on-year[2] - The financing cost for the six months ended June 30, 2024, totaled HKD 166,094,000, compared to HKD 150,006,000 in 2023, with a weighted average capitalized interest rate of 8.1% in 2024, down from 11.4%-12.0% in 2023[27] - The income tax expense for the six months ended June 30, 2024, was HKD 364,998,000, a decrease from HKD 576,378,000 in 2023[28] - Exploration expenses rose significantly to approximately HKD 92,684,000, compared to HKD 13,157,000 in the same period last year[97] Shareholder Returns and Dividends - The company has approved a special dividend of HKD 0.04 per share for 2024, to be paid on October 21, 2024, with no interim dividend declared for the six months ended June 30, 2024[33] - The company repurchased 91,054,000 shares as treasury stock in June 2024, at a total cost of approximately HKD 31,233,000[53] Governance and Compliance - The company has complied with the corporate governance code, except for the CEO position, which remains vacant[137] - The audit committee reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, and found them satisfactory[140] - The company has established a nomination committee responsible for board member nominations and diversity policies[138] Future Outlook and Strategy - The average daily production target for 2024 is set between 176,300 and 197,600 barrels of oil equivalent[108] - The company is actively pursuing partnerships with local firms in the Middle East to enhance operational capabilities and reduce costs by 15%[146] - The company plans to publish a detailed interim report in accordance with listing rules, which will be sent to shareholders[143]
联合能源集团(00467) - 2024 - 中期业绩