Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 193.6 million, a decrease of 5.3% compared to the same period in 2023[1] - Gross profit for the same period was RMB 28.1 million, down 9.4%, with a gross margin of 14.5% compared to 15.2% in 2023[1] - Net profit for the period was RMB 15.6 million, representing a decrease of 19.1% from the previous year[1] - Operating profit for the period was RMB 21.4 million, down from RMB 25.9 million in the same period last year[2] - Basic and diluted earnings per share attributable to owners of the company were RMB 0.03, compared to RMB 0.04 in 2023[2] - Total revenue for the six months ended June 30, 2024, was RMB 193,629,000, down 5.3% from RMB 204,539,000 in the prior year[13] - The net profit attributable to the owners of the company for the six months ended June 30, 2024, was RMB 15,248,000, down 18.4% from RMB 18,723,000 for the same period in 2023[20] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.03, compared to RMB 0.04 for the same period in 2023[20] - The company's net profit attributable to owners was RMB 15.2 million, a decrease of 18.7% from RMB 18.7 million in the same period of 2023[42] Dividend Policy - The board of directors resolved not to declare an interim dividend for the six months ended June 30, 2024[1] - The company did not declare an interim dividend for the six months ending June 30, 2024, maintaining a consistent policy from the previous year[27] - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2024[58] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 571.2 million, an increase from RMB 549.3 million as of December 31, 2023[3] - Total liabilities as of June 30, 2024, were RMB 272.1 million, up from RMB 252.5 million at the end of 2023[4] - Trade and other receivables decreased to RMB 58.1 million from RMB 126.4 million in the previous year[4] - The net amount of trade and other receivables as of June 30, 2024, was RMB 76,901,000, a decrease of 45.7% from RMB 141,707,000 as of December 31, 2023[21] - As of June 30, 2024, trade receivables amounted to RMB 75,028,000, an increase of 2.2% from RMB 73,431,000 as of December 31, 2023[22] - Total trade and other payables reached RMB 84,741,000 as of June 30, 2024, up 25.2% from RMB 67,691,000 at the end of 2023[24] - The company reported bank borrowings of RMB 70,000,000 as of June 30, 2024, an increase from RMB 40,000,000 as of December 31, 2023, with interest payable of RMB 76,000[26] Revenue Breakdown - Revenue from pipeline natural gas sales for the six months ended June 30, 2024, was RMB 167,522,000, a decrease of 4.3% from RMB 174,618,000 for the same period in 2023[13] - Revenue from compressed natural gas and liquefied natural gas sales was RMB 10.0 million, a decrease of 23.7% from RMB 13.1 million in the same period of 2023[35] - Revenue from construction and installation services was RMB 12.0 million, down 11.1% from RMB 13.5 million in the same period of 2023[36] - The total revenue from pipeline natural gas sales was RMB 167.5 million, a decrease of 4.1% compared to RMB 174.6 million in the same period of 2023[33] Operational Metrics - The number of active residential pipeline gas users increased by approximately 3.5% to 150,161 as of June 30, 2024, compared to the previous year[31] - The total sales volume of pipeline natural gas was approximately 47.6 million cubic meters, remaining stable compared to 47.7 million cubic meters in the same period of the previous year[31] - The average selling price of pipeline natural gas to industrial and commercial users decreased, leading to a revenue drop from RMB 123.7 million in 2023 to RMB 99.9 million in the current period[33] Financial Costs and Income - Interest income from bank deposits for the six months ended June 30, 2024, was RMB 306,000, a decrease of 54.5% from RMB 673,000 in the prior year[17] - Total financial income for the six months ended June 30, 2024, was RMB 1,321,000, an increase of 26.0% from RMB 1,047,000 in the same period of 2023[17] - The total financial costs for the six months ended June 30, 2024, were RMB (1,472,000), an increase of 103.4% from RMB (475,000) in the prior year[17] - The income tax expense for the six months ended June 30, 2024, was RMB 5,639,000, a decrease of 22.3% from RMB 7,257,000 for the same period in 2023[18] - The effective tax rate for the period was 26.6%, compared to 27.4% in the same period of 2023[41] Compliance and Governance - The group has identified certain deficiencies in compliance processes and fund management, with remedial measures recommended by internal control consultants being implemented[53] - The company has adopted the "Standard Code of Conduct for Securities Transactions by Directors of Listed Issuers" as per Appendix C3 of the Listing Rules, confirming compliance by all directors during the period[55] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim consolidated financial information for the six months ended June 30, 2024, and reached an agreement with management on the interim performance[58] - No purchase, sale, or redemption of the company's listed securities occurred during the period, and as of June 30, 2024, the company holds no treasury shares[56] Employee Metrics - The group employed a total of 137 employees in China as of June 30, 2024, compared to 104 employees as of June 30, 2023, with total employee costs amounting to RMB 58 million during the period[49] Future Outlook - The government policies in Shandong Province are expected to support the growth of natural gas consumption, with a target of natural gas accounting for no less than 9% of total energy consumption by 2025[28]
交运燃气(01407) - 2024 - 中期业绩