Financial Performance - The company reported a revenue of HKD 3,944.6 million for the six months ended June 30, 2024, representing a 93.1% increase compared to HKD 2,043.2 million in the same period last year[2]. - The adjusted EBITDA for the period was HKD 1,096.6 million, down 3.8% from HKD 1,140.2 million in 2023[2]. - The profit attributable to ordinary shareholders was HKD 353.1 million, a decrease of 7.9% from HKD 383.2 million in the previous year[3]. - The average selling price of coal and aluminum was lower compared to the same period last year, contributing to the decline in profit[3]. - Total revenue for the first half of 2024 reached HKD 3,990,316, a decrease from HKD 2,083,828 in the same period of 2023[13]. - The adjusted profit before tax for the first half of 2024 was HKD 457,206, compared to HKD 474,059 in the first half of 2023, reflecting a decline of approximately 3.5%[13]. - The aluminum segment generated revenue of HKD 601,642 in 2024, down from HKD 770,240 in 2023, indicating a decrease of about 22%[13]. - Coal segment revenue decreased to HKD 405,245 in 2024 from HKD 539,350 in 2023, representing a decline of approximately 25%[13]. - The oil segment's revenue remained stable at HKD 730,952 in 2024, slightly up from HKD 733,632 in 2023[13]. - The group’s non-oil and gas business achieved a net profit of approximately HKD 54.76 million, a year-on-year decrease of about 11.8% due to the decline in blowing coal prices[31]. Financial Position - The company maintained a strong financial position with cash and deposits of approximately HKD 1,221.4 million as of June 30, 2024[3]. - Non-current assets totaled HKD 9,262.9 million, slightly down from HKD 9,288.0 million at the end of 2023[7]. - Current assets increased significantly to HKD 3,811.8 million from HKD 2,336.4 million at the end of 2023[7]. - Total liabilities increased to HKD 2,909.5 million from HKD 1,358.2 million at the end of 2023, reflecting higher current liabilities[7]. - The company’s total equity as of June 30, 2024, was HKD 7,925.3 million, compared to HKD 7,841.4 million at the end of 2023[8]. - Total assets as of June 30, 2024, were HKD 6,903,336, an increase from HKD 5,295,046 as of December 31, 2023[14]. - Total liabilities as of June 30, 2024, were HKD 2,933,523, compared to HKD 1,352,550 as of December 31, 2023, indicating a significant increase[14]. - The total debt of the group as of June 30, 2024, was approximately HKD 1,421.0 million, a decrease of about HKD 409.7 million from December 31, 2023[33]. - The net debt to net total capital ratio was 2.5% as of June 30, 2024, down from 4.2% as of December 31, 2023[35]. Market Conditions - The average Brent oil price during the period was USD 84.0 per barrel, with expectations for a rebound in the second half of the year[3]. - The average Brent crude oil price for the first half of 2024 was USD 84.0 per barrel, reflecting a year-on-year increase of approximately 5.1%[27]. - The average LME aluminum price during the same period was USD 2,415.0 per ton, showing a year-on-year decrease of about 1.2%[27]. Strategic Initiatives - The company plans to implement the acquisition of Alumina Limited, with the transaction expected to be effective on August 1, 2024[26]. - The group plans to explore investment opportunities in the upstream aluminum industry and new energy sectors to cultivate a second growth curve[32]. - The group aims to achieve an annual trading volume of 10 million barrels in the oil and gas trading business[32]. Operational Efficiency - Financing costs for the first half of 2024 totaled HKD 52,678, down from HKD 89,951 in the same period of 2023, reflecting a reduction of approximately 41%[17]. - Other income, net of losses, for the first half of 2024 was HKD 49,295, a decrease from HKD 65,938 in the first half of 2023[15]. - The company’s interest-bearing debt ratio decreased to approximately 10.4%, with an annualized return on net assets reaching about 9.1%[29]. - The company has maintained a healthy financial condition and strong operational resilience despite challenges in the global economic environment[27]. Human Resources - The group had 195 full-time employees as of June 30, 2024, down from 202 employees a year earlier[36]. - Employee compensation for full-time staff was approximately HKD 48.9 million, a decrease from HKD 69.1 million in the previous year[37]. Corporate Governance - The board does not recommend any interim dividend for the six months ended June 30, 2023[38]. - The company has adhered to the corporate governance code principles and applicable provisions, with a noted deviation from C.2.1 regarding the roles of the chairman and CEO[39]. - The board structure includes one executive director, one non-executive director, and three independent non-executive directors, ensuring adequate checks and balances[39]. - All directors confirmed compliance with the securities trading code during the reporting period[40]. - The company or its subsidiaries did not purchase, redeem, or sell any listed securities during the reporting period[41]. - No significant matters or transactions affecting the group have been disclosed since July 1, 2024, up to the announcement date[42].
中信资源(01205) - 2024 - 中期业绩