华润燃气(一百)(01193) - 2024 - 中期业绩

Financial Performance - Revenue for the first half of 2024 reached HKD 52,076 million, an increase of 7.7% compared to HKD 48,370 million in the same period of 2023[2] - Profit attributable to owners of the company was HKD 3,457 million, a decrease of 2.5% from HKD 3,545 million year-on-year[2] - Basic earnings per share decreased to HKD 1.52, down 2.6% from HKD 1.56[5] - Total comprehensive income for the period was HKD 4,001,829 thousand, compared to HKD 3,329,991 thousand in the previous year[5] - The net profit for the six months ended June 30, 2024, was HKD 3,456,742,000, compared to HKD 3,545,256,000 for the same period in 2023, reflecting a decrease of approximately 2.5%[21] - The group’s pre-tax profit for the six months ended June 30, 2024, was HKD 5,716,425,000, compared to HKD 5,592,066,000 for the same period in 2023, showing a slight increase of approximately 2.2%[13][14] Sales and Customer Growth - Total gas sales amounted to 20,901 million cubic meters, reflecting a growth of 5.3% from 19,842 million cubic meters in the previous year[2] - The total number of connected customers increased to 58.84 million, up by 5.3% from 55.85 million[2] - For the six months ended June 30, 2024, total external sales reached HKD 52,075,587,000, an increase from HKD 48,369,601,000 for the same period in 2023, representing a growth of approximately 5.5%[13][14] - The company developed 25,000 new industrial users and 1.031 million new residential users, with 882,000 from new housing connections and 134,000 from old housing connections[36] Assets and Liabilities - Non-current assets totaled HKD 103,213,990 thousand, slightly up from HKD 102,417,286 thousand at the end of 2023[6] - Current liabilities increased to HKD 57,056,620 thousand from HKD 51,108,934 thousand, indicating a rise in financial obligations[6] - The group’s total liabilities exceeded current assets by approximately HKD 20,583,243,000 as of June 30, 2024, raising concerns about liquidity[12] - The company's total liabilities decreased to HKD 74,783,013,000 from HKD 74,487,403,000, indicating a reduction in financial obligations[15] - As of June 30, 2024, total assets amounted to HKD 139,687,367,000, a slight increase from HKD 137,871,085,000 as of December 31, 2023[15] Dividends and Shareholder Returns - The company declared a final dividend of HKD 1.0069 per share, totaling HKD 2,283,866,000, for the year ended December 31, 2023[20] - The mid-term dividend declared is HKD 0.25 per share, an increase from HKD 0.15 per share in the same period last year[47] - The company will distribute the interim dividend for the first half of 2024 in Hong Kong dollars, with an option for shareholders to receive it in Renminbi at a conversion rate of HKD 1.0 to RMB 0.91310[49] - Shareholders choosing to receive the dividend in Renminbi will receive RMB 0.2282745 per share[49] Operational Highlights - The segment profit for gas fuel sales and related products was HKD 4,654,900,000, compared to HKD 3,509,041,000 in the previous year, indicating a year-over-year increase of about 32.5%[13][14] - The segment performance for gas connection services generated a profit of HKD 1,124,459,000, up from HKD 1,592,332,000 in the previous year, reflecting a decrease of about 29.5%[13][14] - The group achieved an operating revenue of HKD 52.08 billion in the first half of 2024, a year-on-year increase of 7.7%, with a gross profit margin of 18.6%, up by 0.4 percentage points[43] - The total energy sales volume reached 1.49 billion kWh, representing a year-on-year growth of 54.6%[40] - The number of charging stations increased to 263, up by 86 stations year-on-year, with electricity sales of 180 million kWh, a 20% increase compared to the previous year[40] Strategic Initiatives - The company continues to focus on expanding its gas distribution and related services in China, leveraging its established customer base and market presence[8] - The group plans to continue expanding and deepening the development scale of its dual business model, responding to the national call for clean energy development[44] - The penetration rate of the comprehensive service business remains low, indicating potential for rapid growth in the future[39] - The group signed 27 new distributed photovoltaic projects and 28 new distributed energy projects during the period, with a total of 208 and 211 projects developed respectively[40] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions, except for a deviation regarding formal appointment letters for directors[51] - All directors have confirmed compliance with the standard code of conduct for securities trading during the reporting period[52] - The group has not applied any new standards or interpretations that have not yet come into effect during the reporting period[11] Economic Outlook - The global economic growth is projected to stabilize at 2.6% in 2024, with China's GDP growing by 5.0% in the first half of 2024[33]