Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 29,194,047, an increase of 5.2% from HKD 27,760,313 in 2023[2] - The company reported a net profit of HKD 55,578 for the year, down 90.4% from HKD 580,132 in the previous year[3] - Basic earnings per share decreased to HKD 4.92, compared to HKD 19.89 in 2023, representing a decline of 75.2%[3] - The group reported a net profit of HKD 55,578 thousand for the year, down from HKD 580,132 thousand in the previous year, indicating a decline of about 90%[24] - The annual profit for 2024 was HKD 55,578,000, significantly down from HKD 580,132,000 in 2023, mainly due to the absence of one-time gains from the previous year[88] Revenue Breakdown - The group's revenue from external customers for the exploration, extraction, and operation segment was HKD 331,333 thousand in 2024, down from HKD 501,817 thousand in 2023, representing a decrease of approximately 34%[24] - The supply and procurement segment generated revenue of HKD 28,853,582 thousand in 2024, an increase from HKD 27,240,712 thousand in 2023, reflecting a growth of about 5.9%[24] - Revenue from oil and gas sales was HKD 331,333,000 in 2024, down from HKD 501,817,000 in 2023, indicating a decline of about 34%[34] - Revenue from trading and distribution of petroleum-related products increased to HKD 28,853,582,000 in 2024, compared to HKD 27,240,712,000 in 2023, reflecting a growth of approximately 5.9%[34] Assets and Liabilities - Total assets decreased to HKD 2,799,999 from HKD 3,684,542, a reduction of 24.0%[4] - Total liabilities decreased from HKD 2,336,376 thousand in 2023 to HKD 1,499,820 thousand in 2024, representing a reduction of approximately 36%[5] - Current liabilities decreased from HKD 2,067,497 thousand in 2023 to HKD 816,878 thousand in 2024, a decline of about 60%[5] - Non-current liabilities increased from HKD 268,879 thousand in 2023 to HKD 682,942 thousand in 2024, an increase of approximately 154%[5] - Total equity and liabilities decreased from HKD 3,684,542 thousand in 2023 to HKD 2,799,999 thousand in 2024, a reduction of around 24%[5] Cash Flow and Financial Position - Cash and bank balances increased to HKD 278,675 from HKD 226,188, showing a growth of 23.2%[4] - The net current assets improved from a negative HKD 423,960 thousand in 2023 to a positive HKD 56,884 thousand in 2024[5] - Total assets minus current liabilities increased from HKD 1,617,045 thousand in 2023 to HKD 1,983,121 thousand in 2024, an increase of about 23%[5] - Trade receivables as of December 31, 2024, include HKD 434,230,000 aged 0 to 30 days, down from HKD 992,263,000 in 2023[51] - Trade payables as of December 31, 2024, total HKD 468,732,000, compared to HKD 938,645,000 in 2023[52] Operational Efficiency and Strategy - The company plans to focus on market expansion and new product development in the upcoming year[2] - The company has allocated resources for technology research and development to enhance operational efficiency[2] - The company focused on cost control measures, reducing single well completion costs by CAD 80,000 per well compared to the previous year[60] - Novus's operational strategy emphasized enhancing production efficiency and optimizing operational management amidst challenging market conditions[57] Compliance and Governance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[9] - Management continues to review estimates and assumptions that affect the financial statements, ensuring compliance with Hong Kong Financial Reporting Standards[8] - The board is committed to high standards of corporate governance and has reviewed its practices to ensure effective leadership and long-term shareholder value[125] - The audit committee, consisting of three independent non-executive directors, has reviewed the company's financial performance for the year ending December 31, 2024[128] Environmental and Social Responsibility - The company has maintained compliance with all relevant environmental laws and regulations in Hong Kong, Canada, and China as of the reporting date[123] - The company has not reported any significant environmental claims, lawsuits, penalties, or administrative sanctions[123] - Novus's carbon emissions reduction efforts resulted in a total reduction of 136,000 tons of CO2, avoiding penalties of CAD 13.52 million[64] Future Outlook - The company anticipates challenges in the international oil market in 2025, including weak demand recovery and high supply volatility[70] - The company aims to enhance the efficiency of the entire oil and gas industry chain and strengthen cost control through digital tools[70]
延长石油国际(00346) - 2024 - 年度业绩