Financial Performance - For the fiscal year ending December 31, 2024, revenue was RMB 370.4 million, a decrease of 8.2% compared to 2023[3] - Net profit for the year was RMB 30.2 million, an increase of 19.8% from 2023, resulting in a net profit margin of 8.2% compared to 6.3% in 2023[3] - Basic earnings per share for the year were RMB 0.07, an increase of RMB 0.01 from 2023[3] - Total revenue for the year ended December 31, 2024, was RMB 370,424,000, down 8.2% from RMB 403,488,000 in 2023[18] - Gross profit decreased by 10.9% to RMB 57.8 million compared to RMB 64.9 million for the year ended December 31, 2023, with a gross margin of 15.6%[47] - The company recorded a net profit attributable to owners of RMB 30.0 million, an increase of 22.4% from RMB 24.5 million for the year ended December 31, 2023, driven by reduced administrative expenses and increased other income[54] Revenue Breakdown - Revenue from pipeline natural gas sales for the year ended December 31, 2024, was RMB 307,193,000, a decrease of 2.4% from RMB 313,669,000 in 2023[18] - Revenue from compressed natural gas and liquefied natural gas sales decreased by 31.8% to RMB 18,004,000 in 2024 from RMB 26,393,000 in 2023[18] - Revenue from retail customer sales decreased by 3.1% to RMB 295.5 million compared to RMB 305.0 million for the year ended December 31, 2023[41] - Revenue from wholesale customer sales increased by 34.5% to RMB 11.7 million compared to RMB 8.7 million for the year ended December 31, 2023, driven by the addition of a new wholesale customer[42] - Revenue from construction and installation services decreased by 21.5% to RMB 30.0 million compared to RMB 38.2 million for the year ended December 31, 2023, as clean energy projects entered the final stages[44] Dividend Policy - The board proposed a final dividend of HKD 0.037 per ordinary share for the year[3] - The company will distribute no less than 10% of the specific annual net profit as dividends under the revised dividend policy effective from March 27, 2025[3] - The proposed final dividend for the year is HKD 0.037 per share, an increase from HKD 0.033 in 2023, subject to shareholder approval[77] - The company plans to declare and distribute no less than 10% of the specific annual net profit as dividends to shareholders[83] - Any future declaration and payment of dividends will require board approval and will be reviewed periodically based on the company's operational performance and financial condition[83] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 588.6 million, an increase from RMB 549.3 million in 2023[7] - Cash and bank balances increased to RMB 224.2 million from RMB 127.5 million in 2023[6] - Trade and other receivables decreased to RMB 78.6 million from RMB 126.4 million in 2023[6] - Total liabilities increased to RMB 274.6 million from RMB 252.5 million in 2023[7] - The company reported a total of RMB 89,498,000 in trade and other receivables as of December 31, 2024, down from RMB 141,707,000 in 2023, reflecting a decrease of approximately 37%[27] Operational Insights - The company primarily engages in the sale of natural gas and related services in Shandong Province, China[8] - The company aims to improve the safety management of its natural gas business and will prioritize investments in operational safety management[35] - The company anticipates challenges in 2024 due to a slowdown in the overall economy and reduced demand from industrial users, particularly in the textile and manufacturing sectors[38] - The average procurement cost of pipeline natural gas is aligned with market price fluctuations, with net profit and profit margins not significantly affected by market volatility[39] - The company is actively expanding its pipeline network and clean energy projects in rural areas, contributing to a steady increase in its customer base[35] Financial Costs and Income - Total financial income for the year ended December 31, 2024, was RMB 1,951,000, a decrease of 19.8% from RMB 2,435,000 in 2023[22] - Total financial costs for the year ended December 31, 2024, amounted to RMB 3,133,000, significantly higher than RMB 603,000 in 2023, resulting in a net financial cost of RMB 1,182,000[22] - Financial costs increased by 416.7% to RMB 3.1 million compared to RMB 0.6 million for the year ended December 31, 2023, due to increased bank borrowings[52] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to review the annual performance[75] - The company has complied with all applicable corporate governance codes during the year, with minor deviations noted[72] - The company’s auditors have confirmed that the preliminary performance figures align with the audited consolidated financial statements for the year[76] Future Plans - The company plans to adopt new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, but these will not have a significant impact on the current or past financial performance[13] - The company is currently analyzing new regulations and assessing the impact of revised standards on its financial statements[15] - The group plans to extend the timeline for the use of unutilized net proceeds to complete ongoing projects, including the replacement of gas meters and upgrades to urban pipeline networks, without significant adverse impact on operations[69]
交运燃气(01407) - 2024 - 年度业绩