Financial Performance - For the fiscal year ending December 31, 2024, revenue was approximately $166.8 million, a decrease of 8.0% compared to 2023[2]. - Gross profit for the same period was approximately $41.5 million, an increase of 1.2% from 2023, with a gross margin rising from 22.6% to 24.9%[2][3]. - Profit attributable to owners of the company was approximately $9.2 million, a decrease of 3.6% from $9.5 million in 2023[2][3]. - Operating profit for the year was $14.1 million, slightly down from $14.2 million in 2023[3]. - Total comprehensive income for the year was $1.9 million, down from $9.2 million in 2023[4]. - The company reported a basic and diluted earnings per share of $0.29, compared to $0.30 in 2023[3]. - The company’s pre-tax profit before adjustments was $21,306 thousand for 2024, compared to $15,753 thousand in 2023, indicating a significant increase of approximately 35.5%[17]. - Basic earnings per share for 2024 were approximately $9,160 thousand, compared to $9,502 thousand in 2023, reflecting a decrease of about 3.6%[22]. Revenue Breakdown - Total revenue for the group was $166.773 million in 2024, down from $181.337 million in 2023, reflecting a decrease of about 8.0%[15]. - Revenue from sales of land and offshore drilling platform-related equipment and offshore wind installation platforms decreased to $86.068 million in 2024 from $99.337 million in 2023, representing a decline of approximately 13.0%[15]. - Revenue from oilfield materials and related installation services decreased to $25.755 million in 2024 from $29.089 million in 2023, a decrease of about 11.4%[15]. - Revenue from external customers in the equipment manufacturing and general contracting segment was $86,562 thousand, down from $101,374 thousand in 2023, a decline of approximately 14.6%[17]. - The supply chain and integrated services segment generated $25,755 thousand in revenue, a decrease from $29,089 thousand, reflecting a decline of about 11.5%[17]. - The asset management and engineering services segment saw revenue increase to $54,456 thousand from $50,874 thousand, marking an increase of approximately 9.3%[17]. - Rental income from operating leases of land and offshore drilling platforms decreased to $494,000 in 2024 from $2.037 million in 2023, a decline of approximately 75.7%[15]. - Rental income from operating leases of saturation diving support vessels decreased to $24.496 million in 2024 from $30.825 million in 2023, a decrease of about 20.6%[15]. Assets and Liabilities - Total assets less current liabilities amounted to $182.8 million, down from $198.0 million in 2023[5]. - Non-current assets decreased from $81.4 million in 2023 to $53.3 million in 2024[5]. - Current assets increased from $244.9 million in 2023 to $257.1 million in 2024[5]. - Trade receivables increased to $140,059 thousand in 2024 from $126,020 thousand in 2023, representing an increase of about 11.1%[24]. - Inventory levels decreased slightly to $37,184 thousand in 2024 from $39,950 thousand in 2023, a reduction of approximately 7%[24]. - Trade payables decreased to $24,152 thousand in 2024 from $34,014 thousand in 2023, a decline of approximately 29%[26]. - Current liabilities were approximately $127.5 million as of December 31, 2024, compared to $128.3 million in 2023[47]. - The asset-liability ratio as of December 31, 2024, was 42.2%, down from 46.1% in 2023[47]. Dividends - The board proposed a final dividend of HKD 0.01 per share for the fiscal year ending December 31, 2024[2]. - The company proposed a final dividend of approximately HKD 32,434,000 for the year ending December 31, 2024, pending shareholder approval[21]. - The board proposed a final dividend of HKD 0.01 per share, totaling approximately HKD 32,434,339, which is a change from no dividend in 2023[73]. Strategic Initiatives - The company aims to enhance its capabilities in "green energy + intelligent equipment" to create long-term value for shareholders and society[32]. - The company plans to deploy its five-year strategic plan focusing on "hydrogen, machinery, electricity, and services" with green energy products at its core[65]. - The company is focusing on the development of hydrogen production equipment and hydrogen refueling infrastructure to capture market resources and gain competitive advantages[66]. - The company aims to enhance its core technology to improve energy conversion efficiency and reduce carbon emissions, emphasizing technological attributes in hydrogen-based energy and high-end equipment[65]. - The company is actively pursuing overseas opportunities in hydrogen projects, considering models such as "domestic production + overseas assembly" to leverage existing networks[66]. - The company aims to build a global service center focusing on maritime services, maintenance services, and asset management services to support energy transition[68]. - The company is expanding its product line in high-end equipment, targeting low-carbon and zero-carbon comprehensive solutions for shipbuilding and marine equipment[67]. - The company aims to expand its green energy business scale and improve its financial performance through strategic investments and partnerships in hydrogen equipment manufacturing[71]. Market Outlook - The global economy showed growth in 2024, but the pace of growth has slowed compared to pre-pandemic levels, with overall inflation trending downward but remaining uncertain[54]. - The World Bank projects global economic growth to stabilize at 2.6% in 2024, with a slight increase to an average of 2.7% from 2025 to 2026, lower than the pre-pandemic average of 3.1%[55]. - Brent crude oil futures are expected to average $79.77 per barrel in 2024, down from $82.16 per barrel in 2023, a decrease of 2.9%[56]. - WTI crude oil is projected to average $75.72 per barrel in 2024, a decline of 2.38% from the previous year's average[56]. - Global oil consumption growth is expected to be around 1 million barrels per day in 2025, remaining stable compared to 2024[57]. - The utilization rate of global self-elevating platforms is at 91% as of December 2024, reflecting a year-on-year increase of 2%[59]. - Average daily rental rates for self-elevating platforms are $123,000, up 26.7% compared to the last ten-year average, despite a slight decline from the peak in 2024[59]. - The price of second-hand 305-foot self-elevating platforms has increased by 110% to $9.5 million since early 2022, indicating strong market interest[60]. - In 2024, hydrogen projects in China are expected to see significant investment, exceeding RMB 200 billion, driven by major energy companies[63]. - The price of alkaline electrolyzers has dropped to around RMB 5 million due to technological advancements and increased competition in the domestic market[63]. - The average daily rental rate for floating platforms is $323,000, reflecting a 61.1% increase compared to the last ten-year average[59]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to ensure transparency and protect shareholder interests[77]. - The company will evaluate potential investment or acquisition targets based on strategic alignment, market positioning, and financial performance[72]. - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange website, containing all information required by listing rules[82].
华商能源(00206) - 2024 - 年度业绩