KUNLUN ENERGY(00135)2025-04-30 10:04Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 187,046 million, an increase of 5.8% compared to RMB 177,354 million in 2023[24] - Profit attributable to shareholders for the year was RMB 5,960 million, up from RMB 5,682 million in 2023, reflecting a growth of 4.9%[24] - Core profit before income tax expense was RMB 13,259 million, compared to RMB 13,101 million in 2023, indicating a year-on-year increase of 1.2%[24] - EBITDA for the year was RMB 17,640 million, slightly down from RMB 17,675 million in 2023[24] - The company reported a profit before income tax expense of RMB 12,635 million, a marginal increase from RMB 12,593 million in the previous year[24] - Net profit margin for 2024 is 5.08%, a decrease of 0.14% from 2023[28] - Return on total assets (ROA) improved to 6.63% in 2024, up from 6.55% in 2023[28] - Earnings per share (Basic) increased to 68.83 RMB cents in 2024, compared to 65.62 RMB cents in 2023[28] - Other net gains for the year were approximately RMB 1,520 million, up from RMB 903 million in 2023, primarily due to integration of gas stations and reduced exchange losses[98] Sales and Operations - Total natural gas sales volume was 54,170 million cubic meters, contributing to revenue of RMB 152,090 million from the natural gas sales business[6] - The company added 849,900 new users, bringing the cumulative total to 16,453,800 users across the country[6] - Sales volume of city gas reached 421 million cubic meters in 2024, an increase of 8.8% from 387 million cubic meters in 2023[33] - Total sales volume of natural gas reached 542 million cubic meters in 2024, a 9.9% increase from 493 million cubic meters in 2023[33] - The total number of city gas users exceeded 16.45 million, with retail volume increasing by 8.1% year-on-year and sales totaling 54.17 billion cubic meters[55] - Retail gas volumes in the northwestern and southwestern regions increased by 12% and 19.2%, respectively[59] - The total refueling volume for LNG ship refueling-at-sea business was 110,000 tonnes for the year, representing a year-on-year increase of 470%[59] Assets and Liabilities - Non-current assets totaled RMB 86,153 million, while current assets were RMB 57,237 million as of December 31, 2024[24] - The company’s net assets increased to RMB 88,835 million, up from RMB 85,783 million in 2023[24] - Total assets as of December 31, 2024, were approximately RMB 143,390 million, a decrease of RMB 129 million or 0.1% from RMB 143,519 million as of December 31, 2023[115] - The Group had total borrowings of RMB 23,462 million as of December 31, 2024, with significant repayments due within one year increasing to RMB 9,133 million from RMB 5,464 million last year[123] Cost Management - Average finance cost decreased to 2.90% in 2024 from 3.33% in 2023, reflecting improved financing conditions[28] - Employee compensation costs for the year were approximately RMB 5,830 million, a decrease of 2.4% from RMB 5,970 million last year, with employee compensation accounting for 3.12% of operating revenue[102] - Depreciation, depletion, and amortization for the year were approximately RMB 5,160 million, representing an increase of 3.4% compared to RMB 4,992 million last year[103] - Other selling, general, and administrative expenses for the year were approximately RMB 3,491 million, a decrease of 4.5% from RMB 3,656 million last year, due to strict cost control measures[104] - Interest expenses for the year were approximately RMB 803 million, representing a decrease of 16.4% compared to RMB 960 million last year, attributed to a reduction in average financing costs to 2.9% from 3.3%[111] Strategic Initiatives - In 2025, the company aims to enhance marketing strategies and focus on green and low-carbon development to seize opportunities presented by the central government[76] - The company plans to increase the proportion of retail gas volume to 73% or above and aims to put 10 new projects into production[81] - The company will accelerate the transformation of the "Natural Gas+" intelligent integrated energy service model, focusing on low-carbon and zero-carbon initiatives[82] - The company aims to achieve a target of over 15% for low-carbon and zero-carbon stations in its operations[84] - The company continues to focus on five major strategies: innovation, green, market, capital, and low cost, to enhance operational efficiency and market competitiveness[86] Governance and Management - The Company has complied with all code provisions in Part 2 of the Corporate Governance Code during the year, except for the absence of certain independent non-executive directors at meetings[159] - The Board is collectively responsible for promoting the success of the Company by directing and supervising its affairs[165] - The day-to-day management and operation of the Company are delegated to the Chief Executive Officer and senior management, with periodic reviews of delegated functions[168] - The Company has established clear directions regarding the powers of management and the circumstances under which management must report back to the Board[174] - The Board has a necessary balance of skills and experience appropriate to the business requirements, ensuring effective independent judgment[176] Workforce and Diversity - The Group employed 24,809 employees globally as of December 31, 2024, a decrease from 27,138 employees in the previous year[132] - As of December 31, 2024, the total number of employees was 24,809, with male employees constituting 68.3% and female employees 31.7%[198] - The Board consists of six male Directors and one female Director, indicating a gender diversity ratio of approximately 14.3% female representation[189] - The Company has adopted a Board Diversity Policy to ensure a balanced representation of skills, experience, and gender among Board members[190] - The Company maintains a commitment to gender diversity in its workforce, opposing any form of discrimination[200]