Financial Performance - The company's unaudited revenue for the six months ended September 30, 2024, was approximately HKD 338.7 million, an increase of about 47.7% compared to approximately HKD 229.4 million in the same period last year, primarily due to increased natural gas sales [22]. - Revenue from natural gas sales increased by approximately 52.9% to about HKD 321 million, compared to approximately HKD 209.9 million in the previous year, driven by the expansion of the refined oil and chemical products business [29]. - For the six months ended September 30, 2024, the group's revenue was approximately HKD 338,745,000, compared to HKD 229,367,000 for the same period in 2023, representing a year-on-year increase of 47.7% [53]. - The group's gross profit for the same period was approximately HKD 3,454,000, with a gross margin improvement compared to the previous year's gross profit of HKD 1,176,000 [53]. - The company reported a total comprehensive loss of HKD 22,548 thousand as of September 30, 2024, compared to a loss of HKD 10,306 thousand in the previous period, indicating a worsening of 118.0% [89]. - The company reported a net loss attributable to shareholders of approximately HKD 10,205,000 for the six months ended September 30, 2024 [102]. - The company reported a loss of approximately HKD 10,205,000 for the six months ended September 30, 2024, compared to a loss of HKD 13,928,000 for the same period in 2023 [131]. Cost Management - The unaudited loss attributable to the company's owners decreased from approximately HKD 13.9 million in the previous year to approximately HKD 10.2 million, mainly due to reduced employee costs, partially offset by a decrease in consulting income [22]. - The total employee cost for the period was approximately HKD 7,200,000, down from HKD 13,600,000 in the previous year, reflecting cost management efforts [41]. - Operating loss decreased to approximately HKD 11,024,000 from HKD 15,462,000 in the previous year, indicating a reduction in operational inefficiencies [53]. Revenue Breakdown - Revenue from the power and data cable business decreased by approximately 8.9% to about HKD 17.7 million, down from approximately HKD 19.5 million in the previous year, attributed to increased tariffs in the US affecting demand for medical control devices [30]. - Revenue from the sale of refined oil and chemical products was HKD 321,024,000, an increase from HKD 209,909,000 in the same period last year, representing a growth of approximately 53% [118]. - Revenue from the sale of power and data cables was HKD 17,721,000, a decrease from HKD 19,458,000 in the previous year, reflecting a decline of about 9% [118]. Financial Position - As of September 30, 2024, the group's total debt was approximately HKD 70,300,000, an increase from HKD 66,600,000 as of March 31, 2024 [42]. - The asset-liability ratio improved to approximately 38.3% from 50.7% as of March 31, 2024, indicating a stronger financial position [42]. - The company's total liabilities increased to HKD 115,151 thousand as of September 30, 2024, compared to HKD 65,749 thousand in the previous period, indicating a 75.0% rise [65]. - Total borrowings amounted to approximately HKD 70,312,000, with HKD 37,761,000 due within the next twelve months, and available cash and bank balances of approximately HKD 22,143,000 [102]. Liquidity and Cash Flow - The group's cash and bank balances were approximately HKD 22,100,000, up from HKD 17,000,000 as of March 31, 2024, indicating improved liquidity [42]. - The net cash generated from operating activities was HKD 2,930 thousand for the six months ended September 30, 2024, a significant recovery from a cash outflow of HKD 15,893 thousand in the same period of 2023 [96]. - Cash and cash equivalents increased to HKD 22,143 thousand as of September 30, 2024, compared to HKD 16,983 thousand at the beginning of the period, marking a 30.0% increase [96]. Corporate Governance - The company has established an audit committee in compliance with GEM listing rules, consisting of two independent non-executive directors [186]. - The company continues to monitor and review its corporate governance practices to ensure compliance with the corporate governance code [161]. - The company is actively seeking suitable candidates to fill the vacancies on the board and audit committee, considering gender diversity in its selection process [160]. Shareholder Information - Major shareholder Sun Jiusheng controls 1,501,078,281 shares, accounting for 55.710% of the issued share capital [179]. - The spouse of Mr. Zhang Yesheng holds 1,859,639,090 shares, which is about 69.017% of the issued share capital [182]. - The company holds a total of 1,859,639,090 shares, with significant ownership stakes including 33.40% by Hengsheng Holdings, 29.68% by Meilin Holdings, and 18.57% by Zhongrui Holdings [184]. Future Outlook and Strategy - The group is actively promoting clean energy trade business, aligning with national carbon neutrality initiatives, and developing upstream customer markets [25]. - The company plans to expand its international business under suitable conditions while primarily focusing on domestic trade for natural gas [25]. - The outlook for 2024 indicates a faster recovery on the supply side compared to the demand side in the domestic economy [34].
百能国际能源(08132) - 2025 - 中期财报