Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 17,655 million, a decrease of 4.7% compared to HKD 18,528 million in 2023[3] - Gross profit increased by 10.8% to HKD 2,184 million, resulting in a gross margin of 12.4%, up from 10.6% in the previous year[3] - Operating profit rose to HKD 1,355 million, compared to HKD 1,045 million in 2023, reflecting a strong operational performance[6] - The net profit for the year was HKD 701 million, significantly higher than HKD 380 million in the previous year[6] - Total revenue for the year ended December 31, 2024, was HKD 17,655,191, a decrease of 4.7% from HKD 18,527,804 in 2023[20] - Revenue from the sale and transportation of natural gas and related products was HKD 14,021,865, slightly down from HKD 14,096,140 in the previous year[20] - Revenue from gas pipeline connection and construction services decreased significantly to HKD 532,338 from HKD 1,145,077[20] - Revenue from the extraction and production of crude oil and natural gas was HKD 462,240, down from HKD 501,798[20] - Revenue from the production and sale of coal-based clean energy and related products decreased to HKD 2,638,748 from HKD 2,784,789[20] - The group reported a pre-tax profit of HKD 1,019,652 for the year, with a net profit of HKD 701,162 after tax[26] - The pre-tax profit for the year was HKD 720,539,000, a significant increase compared to the previous year's loss of HKD 232,496,000[36] - The net profit for the year amounted to HKD 380,154,000, reflecting a recovery from the previous year's loss[28] Assets and Liabilities - Total assets decreased to HKD 20,696 million from HKD 20,841 million in 2023, indicating a slight contraction in the asset base[10] - Total liabilities increased to HKD 13,484 million from HKD 13,279 million, reflecting a rise in financial obligations[11] - Trade receivables as of December 31, 2024, were HKD 675,711,000, an increase from HKD 639,015,000 in the previous year[41] - Trade payables decreased significantly to HKD 330,350,000 from HKD 750,385,000 year-on-year[43] - Total debt increased to HKD 8.542 billion from HKD 7.712 billion in the previous year, while cash and cash equivalents rose to HKD 4.348 billion from HKD 3.246 billion[61] - The net debt to asset ratio improved to 20.3% from 21.4% in the previous year, indicating stable financial and liquidity management[61] Operational Highlights - Total natural gas sales and transmission volume reached 7,229 million cubic meters, an increase of 3.2% from 7,008 million cubic meters in 2023[3] - The group's natural gas sales volume for 2024 is recorded at 4.584 billion cubic meters, a year-on-year increase of 0.2%[47] - The pipeline transportation volume reached 2.645 billion cubic meters, an increase of 8.7% compared to the previous year[47] - The number of new residential users added in 2024 is 86,344, down from 128,395 in 2023, bringing the total to 2,128,280[48] - Employee benefits expenses for the year were HKD 534,445,000, slightly up from HKD 533,778,000 in the previous year[30] - The total number of full-time employees increased slightly to 4,814 from 4,798 in the previous year, with total employee costs remaining stable at HKD 534 million[65] Strategic Initiatives - The company plans to continue expanding its operations in the energy sector, focusing on natural gas distribution and related services in China and Canada[13] - The company is actively investing in new technologies and products to enhance its service offerings and market position[13] - The group aims to enhance operational efficiency and customer experience through the establishment of a "smart operation brain" and digital transformation initiatives[51] - The company plans to strengthen resource management and optimize resource paths to reduce transportation costs and build a stable and diversified resource supply system[51] - The group is focusing on high-quality development and aims to enhance shareholder returns and cash flow management by integrating resources and exploring customer value[51] - The company is committed to enhancing its corporate culture and promoting core values to drive sustainable development and competitiveness[57] - The group will implement a digital asset management system to achieve full lifecycle management of assets and improve asset utilization efficiency[54] Governance and Compliance - The company did not declare a final dividend for the year ended December 31, 2024, consistent with the previous year[34] - The group expects that the adoption of new accounting standards will not have a significant impact on the consolidated financial statements[19] - The company did not hold any significant investments or make any major acquisitions or disposals during the reporting period[62][63] - There were no significant contingent liabilities or major lawsuits as of December 31, 2024[68][72] - The Audit Committee, established in 1998, is responsible for recommending the appointment and remuneration of external auditors and reviewing the group's interim and annual reports[83] - The Audit Committee consists of three independent non-executive directors, with Liu Zhihong serving as the chairperson, and has reviewed the audited financial statements for the year ending December 31, 2024[83] - The independent auditor, KPMG, has confirmed that the financial figures in the performance announcement are consistent with the audited financial statements for the year ending December 31, 2024[84] Acknowledgments - The company expresses gratitude to all employees for their hard work and to shareholders for their continued support[85]
中油燃气(00603) - 2024 - 年度业绩