Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 16,771,559, an increase of 46.5% compared to HKD 11,467,941 for the same period in 2023[2] - Operating loss for the six months ended June 30, 2024, was HKD (10,180), compared to a profit of HKD 42,765 in the same period of 2023[3] - Total comprehensive loss for the period was HKD (64,887), compared to a profit of HKD 59,758 in the same period of 2023[3] - The company reported a basic and diluted loss per share of HKD (2.46) for the six months ended June 30, 2024, compared to earnings of HKD 1.40 in the same period of 2023[3] - The group reported a net loss of HKD 27,266,000 for the current period, compared to a profit of HKD 12,806,000 for the same period last year[12] - The group reported a net loss of HKD 27,018,000 for the six months ended June 30, 2024, compared to a profit of HKD 15,209,000 in the same period of 2023[24] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 3,766,326, an increase from HKD 3,684,542 as of December 31, 2023[4] - Current liabilities increased to HKD 2,221,023 as of June 30, 2024, compared to HKD 2,067,497 as of December 31, 2023[5] - The group's total liabilities increased to HKD 2,483,047,000 as of June 30, 2024, compared to HKD 2,336,376,000 as of December 31, 2023[14] - The company’s total equity decreased to HKD 1,283,279 as of June 30, 2024, from HKD 1,348,166 as of December 31, 2023[4] - The group’s total liabilities in the supply and procurement segment were HKD 1,783,526,000 as of June 30, 2024, compared to HKD 1,556,645,000 as of December 31, 2023[14] Revenue Segments - The group's revenue from the supply and procurement business segment reached HKD 16,582,456,000 for the six months ended June 30, 2024, compared to HKD 11,236,496,000 for the same period in 2023, representing an increase of approximately 47%[15] - Revenue from trading and distribution of oil-related products increased significantly to HKD 16,582,456,000, up from HKD 11,236,496,000, marking a growth of about 47.8%[16] - The Chinese oil and by-products trading business saw sales volume increase from 1.41 million tons last year to 2.13 million tons this period, with revenue rising from HKD 11,236,496,000 to HKD 16,582,456,000, representing a growth of approximately 89.5%[45] Costs and Expenses - The cost of goods sold for the six months ended June 30, 2024, was HKD 16,547,797,000, compared to HKD 11,201,659,000 in 2023, reflecting an increase of approximately 47.9%[18] - The group’s gross profit from the exploration, extraction, and operation business segment was HKD 7,932,000, down from HKD 20,068,000 in the previous year[12] - The company’s operating expenses for oilfield operations decreased from HKD 55,855,000 to HKD 48,988,000, primarily due to a reduction in production[49] - Administrative expenses were reduced by HKD 4,282,000 to HKD 37,425,000 during the review period[51] Financing and Investments - The company’s financing costs for the six months ended June 30, 2024, were HKD (17,949), down from HKD (25,193) in the same period of 2023[3] - The financing costs amounted to HKD 17,949,000, which included bank borrowing costs and interest on secured loans[54] - The company has entered into a supplemental loan agreement with the ultimate holding company for a loan of USD 22 million, extending the term for three years[33] - The company obtained a secured revolving loan of $22,000,000 from Extended Oil Hong Kong at an interest rate of 4.8%, to be repaid within three years[58] Operational Highlights - The company engaged in related party transactions, purchasing refined oil from the ultimate holding company amounting to HKD 7,479,608,000, a significant increase from HKD 3,561,849,000 in the previous year[31] - The company completed 327 deliveries to 24 self-operated gas stations without any quality disputes in the first half of 2024[41] - The railway distribution segment expanded customer base to 24, with sales volume reaching 400,800 tons, a year-on-year increase of 39.02%[40] - Novus oilfield achieved a cumulative oil sales volume of 2.1293 million tons in the first half of 2024, generating revenue of RMB 15.408 billion, with a loss of RMB 769,600[39] Governance and Compliance - The company has adhered to the corporate governance code, with the exception of certain deviations regarding independent non-executive directors serving over nine years[67] - The audit committee consists of three independent non-executive directors, who have reviewed the company's accounting policies and internal control systems[69] - The company confirmed compliance with the disclosure requirements of the Stock Exchange rules regarding related party transactions[71] - The company is in the process of appointing a new independent non-executive director to comply with governance standards[67] Employee and Management - The total employee cost for the six months ended June 30, 2024, was HKD 35,268,000, a decrease from HKD 37,614,000 for the same period in 2023[64] - The company had a total of 211 employees as of June 30, 2024, compared to 207 employees as of December 31, 2023[64] - The company’s management compensation for the first half of 2024 was HKD 7,476,000, compared to HKD 7,204,000 in the previous year, reflecting an increase of approximately 3.8%[30] Future Outlook - The company plans to maintain a prudent business strategy to effectively manage risks and enhance operational efficiency amid expected moderate global economic recovery[44] - Management highlighted the need to adjust new drilling investment plans to ensure stable oil and gas production amid geopolitical tensions and fluctuating supply-demand relationships[34] - The company is focused on enhancing transparency, accountability, and fairness in its governance practices to maximize shareholder value[67]
延长石油国际(00346) - 2024 - 中期业绩