Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 153,126,000, a decrease of 5.6% from HKD 161,497,000 in 2023[4] - The gross profit for the same period was HKD 2,171,000, representing an increase of 43.8% compared to HKD 1,509,000 in 2023[4] - The company recorded a loss before tax of HKD 13,453,000, an improvement from a loss of HKD 36,179,000 in the previous year, indicating a reduction in losses by 62.9%[5] - The total comprehensive loss for the year was HKD 24,690,000, down from HKD 34,120,000 in 2023, reflecting a 27.5% improvement[5] - The group reported a net loss attributable to shareholders of HKD 21,482,000 for the year ending December 31, 2024, with total trade and other payables amounting to approximately HKD 50,213,000 due within the next twelve months[22] - The group only has HKD 13,511,000 in bank balances and cash, indicating significant uncertainty regarding its ability to continue as a going concern[22] - The group incurred a net loss of HKD 21,482 thousand in 2024, compared to a net loss of HKD 31,284 thousand in 2023, indicating an improvement of about 31.3%[31][34] - The basic and diluted loss per share for the fiscal year ending December 31, 2024, was HKD 2.55, compared to HKD 3.72 for the previous year, indicating a reduction of 31.5%[44] Asset and Liability Management - The company's net assets decreased to HKD 228,648,000 from HKD 253,338,000 in 2023, a decline of 9.8%[7] - Trade receivables decreased significantly to HKD 4,332,000 from HKD 17,448,000, a reduction of 75.2%[6] - Non-current assets increased to HKD 175,881,000 from HKD 151,246,000, a rise of 16.3%[6] - The total assets of the group decreased to HKD 284,961 thousand in 2024 from HKD 337,122 thousand in 2023, representing a decline of approximately 15.4%[32][34] - The group’s total liabilities amounted to HKD 56,313 thousand in 2024, a decrease from HKD 83,784 thousand in 2023, indicating a reduction of approximately 32.9%[32][34] - The total assets less current liabilities will be restated to HKD 255,955,000 as of December 31, 2023, reflecting a decrease of HKD 195,920,000[15] Revenue and Sales - The group reported a total revenue of HKD 153,126 thousand from oil and gas sales and trading of related products in 2024, compared to HKD 161,497 thousand in 2023, reflecting a decrease of approximately 5.5%[31] - The trading segment of the company recorded revenue of approximately HKD 153.1 million in the current year, a decrease from HKD 161.5 million in 2023[60] - The oil and natural gas sales segment generated revenue of approximately HKD 1,000 in the current year, compared to none in 2023[63] Impairment and Adjustments - The company recognized impairment losses of HKD 26,218 thousand on intangible assets in 2024, compared to HKD 20,879 thousand in 2023, reflecting an increase of approximately 25.5%[36] - The adjustments related to the impairment of property, plant, and equipment and intangible assets will affect the overall loss reported for the fiscal year ending December 31, 2023[15] - The intangible assets were adjusted to HKD 181,912,000 as of January 1, 2023, reflecting a write-off loss of HKD 169,885,000 and an impairment loss provision of HKD 12,027,000 for the year ended December 31, 2022[21] Operational Challenges and Future Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[8] - The company is facing significant risks related to the termination of leases in Utah, which may impact its operational capabilities[64] - The company is collaborating with an oilfield service company to maintain production facilities for the remaining leases[63] - The company anticipates continued volatility in natural gas and oil prices due to global economic uncertainties and geopolitical tensions[66] - The company aims to explore potential investments in clean energy, waste-to-energy technologies, and renewable energy for long-term sustainable development[74] Taxation and Compliance - The total tax expense for the fiscal year ending December 31, 2024, was HKD 8,029,000, compared to a tax credit of HKD 4,895,000 for the previous year[42] - The estimated corporate income tax provision for subsidiaries operating in China was calculated at a preferential tax rate of 15%, amounting to HKD 1,311,000 for the fiscal year ending December 31, 2024[39] - The deferred tax liabilities recognized for unremitted earnings from subsidiaries in China amounted to HKD 80,963,000 for the fiscal year ending December 31, 2024, compared to HKD 79,295,000 for the previous year[40] Corporate Governance - The company has adopted high standards of corporate governance and has complied with relevant rules, with no significant deviations reported[89] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024, consistent with the previous year where no dividend was declared[43]
中港石油(00632) - 2024 - 年度业绩