中油燃气(00603) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$9,292,107, a decrease of 1.64$9,447,389 in the same period of 2023[9]. - Gross profit for the period was HK$1,134,941, down 7.15$1,222,501 in 2023[9]. - Operating profit decreased to HK$895,669, a decline of 5.78$950,546 in the previous year[9]. - Profit for the period was HK$590,806, representing a decrease of 16.54$707,428 in 2023[10]. - Total comprehensive income for the period was HK$261,249, down 23.59$341,913 in the same period last year[10]. - Basic and diluted earnings per share were both HK$5.488, a decrease from HK$6.824 in 2023[10]. - The profit for the period was HK$268,971,000, compared to HK$334,493,000 for the same period in 2023, indicating a decline of approximately 19.6%[17]. - Total comprehensive income for the period was HK$261,249,000, down from HK$341,913,000 in the previous year, representing a decrease of about 23.6%[17]. - The Group's profit attributable to owners for the six months ended June 30, 2024, was approximately HK$268,971,000, down 20$334,493,000 in 2023[42]. - Profit attributable to owners of the Company was HK$269 million, representing a decrease of 20$20,201,856, a decrease from HK$20,841,051 at the end of 2023[11]. - Total liabilities decreased to HK$12,754,401 from HK$13,279,109 at the end of 2023[14]. - Total equity attributable to owners of the Company was HK$3,909,551, down from HK$3,818,216 at the end of 2023[14]. - The Group's total indebtedness as of June 30, 2024, was HK$8,003 million, up from HK$7,712 million at the end of 2023[67]. - The net debt-to-assets ratio was 23$2,497,411 from HK$2,095,411 at the end of 2023[11]. - Cash and cash equivalents as of June 30, 2024, were HK$3,293 million, compared to HK$3,246 million at the end of 2023[67]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was HK$637,466,000, a decrease of 8.9% compared to HK$699,993,000 for the same period in 2023[18]. - Net cash generated from investing activities decreased significantly to HK$72,009,000 from HK$242,780,000, reflecting a decline of 70.3$251,520,000) from (HK$1,238,038,000), indicating a reduction of 79.7$55,955,000, compared to a loss of HK$121,261,000 in the previous year[18]. Business Operations - The company aims to create value for customers, platforms for employees, and returns for shareholders as part of its core objectives[2]. - The company is focused on developing clean energy and expanding its market presence in various provinces across China[2]. - The company operates multiple major trunk pipelines, including the West-to-East lines and various city gas projects[4]. - The company is actively pursuing new business opportunities in provinces with lower natural gas sales volumes, aiming for expansion[4]. - The company has a strategic focus on enhancing its LNG processing capabilities to meet growing energy demands[4]. - The Group operates in four reportable segments, focusing on sales and distribution of natural gas, gas pipeline construction, and production of coal-derived clean energy[27]. - The Group's principal business activities include investment in energy-related businesses in the PRC and West Central Alberta, Canada[19]. Corporate Governance - The company has established a strong corporate governance structure with various committees overseeing operations and compliance[7]. - The Audit Committee is responsible for overseeing the financial reporting system and reviewing interim and annual reports[98]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[99]. - The company has adhered to all relevant provisions of the corporate governance code for the six months ended June 30, 2024[100]. - The roles of Chairman and Chief Executive Officer are held by Mr. Xu Tie-liang, which the Board believes ensures consistent leadership[97]. Market and Economic Context - China's GDP grew by 5.0$259 million in the gas pipeline construction segment, attributed to the downturn in the property market in China[53]. - The Group's total natural gas sales and transmission volume increased by 11% year-on-year to 3,881 million cubic meters in the first half of 2024, with transmission volume rising by 22% to 1,449 million cubic meters[55]. - Residential gas consumption reached 595 million cubic meters, while industrial and commercial users consumed 1,656 million cubic meters, marking an 8% increase year-on-year[56]. Shareholder Information - As of June 30, 2024, Mr. Xu Tie-liang holds 1,592,634,130 shares, representing approximately 28.25% of the company's issued share capital[81]. - Sino Vantage, wholly owned by Great Xu, also holds 1,592,634,130 shares, equating to 28.25% of the company's issued share capital[83]. - The total number of shares held by substantial shareholders, including Sino Vantage and Great Xu, is 1,592,634,130, which is 28.25% of the issued share capital[83]. - The company has no recorded interests or short positions from other parties in the shares or underlying shares as of June 30, 2024[84]. - The Group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[76]. Future Plans - The Group plans to implement its "14th Five-Year Plan" in the second half of 2024, focusing on enhancing internal management and optimizing business presence[64]. - The Group plans to continue implementing the "14th Five-Year Plan" and expand its market presence while optimizing its business layout[66].