Financial Performance - Revenue for the year ended December 31, 2024, was HKD 17,522,924 thousand, an increase of 28.9% compared to HKD 13,591,075 thousand in 2023[2] - Gross profit decreased by 25.6% to HKD 3,301,651 thousand from HKD 4,439,240 thousand in the previous year[2] - The company reported a profit of HKD 1,558,118 thousand for the year, recovering from a loss of HKD 1,707,401 thousand in 2023[2] - Basic earnings per share for the year were HKD 6.04, compared to a loss of HKD 6.53 per share in the previous year[4] - Adjusted EBITDA decreased by 10.1% to HKD 7,991,874 thousand from HKD 8,885,063 thousand in 2023[2] - Total revenue for the group in 2024 reached HKD 17,522,924,000, an increase of 29.1% from HKD 13,591,075,000 in 2023[22] - The group reported a total investment and other income of HKD 222,411,000 in 2024, compared to HKD 213,279,000 in 2023, reflecting a slight increase of 4.3%[25] - The group recognized a loss of HKD 438,337,000 in 2024 from other gains and losses, a significant improvement from a loss of HKD 5,127,278,000 in 2023[26] - The total classified profit for 2024 was HKD 1,717,421, down from HKD 3,202,264 in 2023, indicating a decrease of about 46.3%[29][31] - Interest income increased to HKD 69,919 in 2024 from HKD 48,997 in 2023, reflecting a growth of approximately 42.6%[29][30] - The company reported a significant impairment loss on intangible assets of HKD 2,263,951 in 2023, which was not present in 2024[30][31] - The effective tax rate for the reporting period was approximately -6.8%, down from 15.5% last year, primarily due to favorable tax authority rulings[88] Production and Reserves - Average daily production in Pakistan decreased by 14.9% to 36,627 barrels of oil equivalent per day from 43,017 in 2023[2] - Average daily production in the Middle East and North Africa increased by 24.5% to 71,452 barrels of oil equivalent per day from 57,390 in 2023[2] - Year-end net proven reserves in Pakistan increased by 1.7% to 49.2 million barrels of oil equivalent from 48.4 million in 2023[2] - Year-end net proven reserves in the Middle East and North Africa decreased by 7.7% to 110.6 million barrels of oil equivalent from 119.8 million in 2023[2] - The average daily production reached approximately 180,554 barrels of oil equivalent, an increase of 7.6% from last year's average of 167,826 barrels of oil equivalent[63] - The cumulative production for the year was approximately 66.08 million barrels of oil equivalent, up 7.9% from approximately 61.26 million barrels of oil equivalent in the previous year[63] - In Pakistan, the average daily production was approximately 51,896 barrels of oil equivalent, a decrease of 17.3% compared to the previous year[64] - In Iraq, the average daily production in the B9 block was approximately 86,832 barrels of oil equivalent, an increase of 37.1% compared to the previous year[65] - The average daily production in Egypt for 2024 is approximately 15,872 barrels of oil equivalent, a decrease of 6.4% compared to the previous year[67] - The cumulative production in Egypt for the year is about 5.8 million barrels of oil equivalent, with a gas-to-oil ratio of approximately 99%[67] Assets and Liabilities - Total assets increased by 1.1% to HKD 26,120,400 thousand from HKD 25,829,150 thousand in the previous year[2] - Total equity attributable to owners increased to HKD 13,289,971 thousand in 2024 from HKD 12,830,726 thousand in 2023, representing a growth of approximately 3.57%[7] - Total classified assets rose to HKD 22,033,729 in 2024 from HKD 21,763,246 in 2023, marking an increase of about 1.2%[31] - Total classified liabilities increased significantly to HKD 10,562,107 in 2024 from HKD 7,946,273 in 2023, representing a rise of approximately 33.5%[31] - Non-current assets totaled HKD 14,251,436 in 2024, an increase from HKD 13,698,361 in 2023, reflecting a growth of about 4%[33] - The company reported a potential tax liability of approximately HKD 898,741,000 as of December 31, 2024, compared to HKD 807,579,000 in 2023[54] - The company has provided guarantees for United Energy Pakistan Limited to fulfill its obligations under the concession agreement[54] Dividends and Shareholder Returns - The company has declared a special dividend of HKD 0.04 per ordinary share for 2024, totaling HKD 1,033,984,000, compared to HKD 1,051,597,000 for 2023[43] - A final dividend of HKD 0.05 per share was proposed, amounting to approximately HKD 1,292,498,000, compared to no dividend last year[92] - The company's available reserves for distribution to shareholders amounted to approximately HKD 6,402,448,000 as of December 31, 2024, down from HKD 7,436,432,000 a year earlier[118] Strategic Initiatives and Acquisitions - The company has entered into an agreement to acquire Apex International Energy Holdings I for a total consideration of approximately HKD 1,170,000,000 (around USD 150,000,000) and deferred consideration of HKD 54,600,000 (around USD 7,000,000)[53] - The acquisition of 52% of the issued shares of Oriental Group Beijing Investment Holding Limited is set at a purchase price of approximately HKD 148,200,000 (around USD 19,000,000)[53] - The company completed the acquisition of 100% equity in Green Profit EOOD for a base price of €37,500,000, aimed at constructing a total of 250 MW solar power facilities in Bulgaria[105] Governance and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact the classification of liabilities[11] - The company has not early adopted several new standards and interpretations that are expected to be effective in future periods, indicating a cautious approach to regulatory changes[14] - The company is subject to the corporate governance code as per the listing rules[129] - The independent non-executive directors are required to rotate every three years according to the company's articles of association[125] Operational Efficiency and Future Outlook - The group aims to enhance operational efficiency and focus on high-potential asset investments to drive sustainable growth and value creation[101] - The average daily production target for 2025 is set between 178,900 and 204,200 barrels of oil equivalent, with capital expenditures expected to reach USD 750 million to support exploration and development plans[97] - The group plans to explore opportunities to optimize its capital structure, including potential issuance of corporate bonds in the international debt capital market within the next 12 months[104]
联合能源集团(00467) - 2024 - 年度业绩