Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was HKD 13,472,199, a decrease of 1.3% compared to HKD 13,643,682 in 2023[3]. - The company's profit before tax was HKD 448,697, reflecting a decline of 23.3% from HKD 585,300 in the previous year[3]. - The gross profit for 2024 was HKD 1,760,669, down 7.8% from HKD 1,911,961 in 2023[21]. - The net profit for the year was HKD 201,144, representing a decline of 33.0% compared to HKD 300,456 in 2023[22]. - Basic earnings per share decreased to HKD 0.0525 from HKD 0.0874 in the previous year, a drop of 40.0%[22]. - Profit attributable to the company's owners fell by 40.7% to HKD 146,384,000, down from HKD 246,720,000 in the previous year[73]. - The group reported a total segment profit of HKD 1,253,011,000 for 2024, compared to HKD 1,433,243,000 in 2023, reflecting a decline of 12.6%[32]. - The net profit margin for 2024 was 1.1%, compared to 1.8% in 2023[99]. Revenue Breakdown - The gas sales segment contributed 79.7% of total revenue, with sales amounting to HKD 10,734,109,000, down from HKD 10,997,172,000 in the previous year[14]. - Revenue from gas sales was HKD 10,734,109,000, down 2.4% from HKD 10,997,172,000 in the previous year[28]. - The total revenue from value-added services was HKD 368,462,000, a decrease of 10.3% from HKD 410,574,000 in the previous year[28]. - Revenue from smart energy services increased to HKD 1,154,291,000, up 22.2% from HKD 944,669,000 in 2023[28]. - Revenue from gas pipeline construction decreased by 5.0% to HKD 1,003,736,000, representing 7.4% of total revenue[81]. - Revenue from residential gas pipeline construction decreased by 5.8% to HKD 860,734,000, with a decrease in completed connections from 276,125 to 254,257[83]. Operational Highlights - The company achieved a natural gas sales volume of 3,196,174 thousand cubic meters, an increase of 5.2% from 3,037,347 thousand cubic meters in 2023[3]. - The company reported a significant increase in comprehensive energy sales volume to 2,441 million kWh, up 55.9% from 1,566 million kWh in 2023[3]. - The cumulative number of operational integrated energy projects reached 283, up from 260 in the previous year, representing an 8.8% increase[71]. - The company expanded its pipeline gas connections by 258,092 new users, increasing the total length of main pipelines from 27,754 km to 28,201 km, a growth of 1.6%[15]. - The company operates 74 licensed gas projects across 11 provinces, serving approximately 31,208 industrial and commercial customers and about 5.19 million residential users[12]. Strategic Initiatives - The company plans to focus on biomass business as the main line for zero-carbon coupling business, leveraging urban gas users as the market development foundation[8]. - The company aims to enhance operational efficiency by integrating advanced digital and intelligent technologies into energy supply, transportation, and sales processes[7]. - The company is committed to deepening its "dual-wheel drive" strategy, integrating urban gas market resources with smart energy business[4]. - The company plans to implement refined operations and improve service quality to solidify its gas business foundation while expanding into new areas[17]. - The company is focusing on enhancing its financial management and optimizing its debt structure while strictly controlling overdue receivables[20]. Dividend and Shareholder Returns - The proposed final dividend is HKD 0.02 per share, marking a 100% increase as it was not paid in the previous year[3]. - The company proposed a final dividend of HKD 0.02 per share, totaling HKD 55,436,000, compared to no dividend in 2023[48]. - The company repurchased a total of 16,504,000 shares at a total cost of HKD 79,131,950 for the year ending December 31, 2024, aimed at enhancing net asset value and earnings per share[106]. Financial Position - Total assets less current liabilities increased to HKD 16,546,930 from HKD 14,643,765, reflecting a growth of 13.0%[23]. - The company's total equity decreased to HKD 8,380,971 from HKD 8,693,427, a decline of 3.6%[24]. - The company's total assets decreased by HKD 207,483,000 or 0.8% to HKD 26,222,624,000 in 2024[54]. - The net debt to equity ratio increased to 1.35 in 2024 from 1.23 in 2023, indicating a higher leverage position[55]. - The company's current ratio improved to approximately 0.7 in 2024 from 0.6 in 2023, indicating better short-term financial health[54]. Market Outlook - The company anticipates continued growth in the domestic urban gas market, driven by government policies and a focus on green low-carbon energy development[16]. - The group expects to fulfill all financial obligations in the foreseeable future due to new bank borrowings of approximately HKD 870 million and cash flows from profitable operations[27]. - The company is exploring international LNG trade opportunities and enhancing market risk management capabilities[20].
中裕能源(03633) - 2024 - 年度业绩