Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 8,439,807, an increase of 35.5% compared to HKD 6,226,137 for the same period in 2023[4] - Gross profit decreased to HKD 1,888,578, down 26% from HKD 2,549,269 year-over-year[4] - Operating profit was HKD 1,501,328, a decline of 38.5% from HKD 2,440,998 in the previous year[4] - Profit before tax was HKD 1,375,268, down 38.6% from HKD 2,239,495 in the same period last year[4] - Net profit for the period was HKD 1,010,270, a decrease of 39.2% compared to HKD 1,663,117 in 2023[4] - Basic earnings per share were HKD 3.90, down from HKD 6.36 in the previous year[4] - Total comprehensive income for the period was HKD 1,011,446, compared to HKD 1,666,891 in the same period last year[5] - The total segment profit for the six months ended June 30, 2024, was HKD 921,006, down from HKD 1,484,834 in the same period of 2023, indicating a decrease of about 38%[20] - The group reported a total comprehensive profit of HKD 1,010,270 for the six months ended June 30, 2024, compared to HKD 1,663,117 for the same period in 2023, indicating a decrease of about 39.3%[20] - The group confirmed an expense of approximately HKD 7,775,000 for the PSU plan for the six months ending June 30, 2024, compared to HKD 6,357,000 in 2023[52] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 4,343,781, compared to HKD 2,851,219 for the same period in 2023, representing a significant increase[10] - The total cash and cash equivalents at the end of the period increased to HKD 4,395,540 from HKD 2,702,159 in the previous year, showing a strong liquidity position[10] - The company paid dividends of HKD 242 during the current period, up from HKD 109 in the previous year, indicating a commitment to returning value to shareholders[10] - The company’s cash flow from financing activities showed a net outflow of HKD (353,267), compared to HKD (169,719) in the previous year, indicating increased financial obligations[10] - The group’s total liabilities were approximately HKD 3,647,748,000, with a debt ratio of 13.4% compared to 16.5% on December 31, 2023[98] Assets and Liabilities - Non-current assets increased to HKD 14,749,908 from HKD 14,170,196 at the end of 2023[6] - Current liabilities rose to HKD 10,563,911, up from HKD 8,987,411 at the end of 2023[7] - Total equity increased to HKD 13,812,317 from HKD 12,836,149 at the end of 2023[7] - The group's total assets as of June 30, 2024, amounted to HKD 21,986,313, compared to HKD 21,763,246 as of December 31, 2023, reflecting a slight increase of approximately 1%[19] - The total liabilities for the group as of June 30, 2024, were HKD 10,930,641, up from HKD 7,946,273 as of June 30, 2023, showing an increase of about 37.5%[19] Capital Expenditures and Investments - The company incurred a deposit of HKD (31,581) for the acquisition of a subsidiary, reflecting ongoing expansion efforts[10] - The group purchased property, plant, and equipment totaling approximately HKD 2,934,258,000 for the six months ended June 30, 2024, compared to HKD 3,422,255,000 in 2023, reflecting a decrease of about 14.3%[32] - Capital expenditures for the first half of 2024 were approximately HKD 2,845,238,000, a decrease of 13.0% compared to the previous year[90] Production and Exploration - The average daily production of the company was approximately 171,195 barrels of oil equivalent, an increase of 0.5% from 170,271 barrels of oil equivalent in the same period last year[66] - The company achieved 6 commercial discoveries during the reporting period, with 4 in Pakistan, 1 in Egypt, and 1 in Iraq[66] - The average daily production in Iraq's B9 block was approximately 74,824 barrels of oil equivalent, an increase of 19.1% compared to the same period last year[68] - The company incurred exploration costs of approximately HKD 244,292,000 and development costs of approximately HKD 2,567,422,000 during the reporting period[64] Shareholder Information - The company repurchased a total of 91,054,000 shares as treasury stock for approximately HKD 31,233,000 in June 2024[49] - The group has a significant short position of 2,696,809,090 shares, representing 10.39%[109] - The total shares held by major shareholders include 6,572,483,000 shares (25.33%) by Dongfang Group[113] - The ownership structure indicates that Zhang Hongwei is deemed to have control over 66.23% of the shares through various entities[110] Governance and Compliance - The company has complied with the corporate governance code as per the listing rules, except for the CEO position which remains vacant[117] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, and found them satisfactory[119] - The company has established a nomination committee responsible for the nomination of directors and reviewing the board's composition[117] - The company has adopted the standard code for securities transactions by directors and confirmed compliance for the six months ending June 30, 2024[118]
联合能源集团(00467) - 2024 - 中期财报