Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately HKD 667 million, an increase of about 9.38% year-on-year[24]. - The net profit for the same period was approximately HKD 1.177 billion, a decrease of about 9.33% year-on-year, translating to earnings per share of HKD 0.4736[24]. - The company reported a revenue of approximately HKD 667,091,000 for the year ending December 31, 2024, representing a year-on-year increase of about 9.38% compared to HKD 609,872,000 in 2023[31]. - Gross profit for the same period was approximately HKD 323,722,000, reflecting a year-on-year increase of about 25.32% from HKD 258,323,000, primarily due to increased throughput at Huade Petrochemical and effective cost control[31]. - The company’s total profit before tax was approximately HKD 1,286,992,000, a decrease of about 8.12% year-on-year, influenced by reduced investment income and increased foreign exchange losses[36]. - The group reported a profit attributable to equity holders of approximately HKD 1,177,396,000 for the year ended December 31, 2024, compared to HKD 1,298,612,000 in 2023[70]. Operational Highlights - The company successfully unloaded its first naphtha vessel at Huizhou Daya Bay Huade Petrochemical Co., Ltd., marking a new business venture[24]. - Huade Petrochemical completed the upgrade of the supporting facilities at the Ma Bian Zhou terminal, officially launching the naphtha unloading business[25]. - During the reporting period, Huade Petrochemical unloaded a total of 109 oil tankers, with a total unloading volume of approximately 13.92 million tons, an increase of about 16.49% year-on-year[25]. - The total throughput of the six domestic terminal companies was approximately 19 million tons, a decrease of about 9.09% year-on-year due to declining domestic crude oil demand[26]. - The company aims to enhance operational efficiency and reduce costs amidst challenging market conditions[26]. - The company is committed to high-quality development and strengthening safety risk management as part of its strategic initiatives[24]. Investment Income - The investment income from the six domestic terminal companies amounted to approximately HKD 581 million, a decrease of about 25.61% year-on-year[26]. - The company achieved an investment income of approximately HKD 125 million from the Fujairah company, up about 19.05% year-on-year[27]. - The investment income from Vesta was approximately HKD 28.65 million, a significant increase of 137.17% year-on-year, attributed to improved tank rental rates and reduced losses from the sale of VTT[27]. - The company’s LNG shipping segment generated an investment income of approximately HKD 120 million, marking a year-on-year increase of about 51.28% due to the repair and return to operation of an LNG vessel[28]. - The company’s share of joint venture performance was approximately HKD 695,960,000, a decrease of about 12.82% year-on-year, primarily due to reduced market demand affecting throughput[34]. - The company’s share of associate company performance was approximately HKD 159,072,000, down about 11.30% year-on-year, due to decreased throughput at the Zhanjiang Port petrochemical facility[35]. Cash Flow and Financial Position - As of December 31, 2024, cash and cash equivalents totaled approximately HKD 6,943,131,000, an increase of about 19.19% from HKD 5,825,350,000 at the end of 2023[43]. - Cash generated from operating activities for the year ended December 31, 2024, was approximately HKD 88,785,000, a decrease of about HKD 529,343,000 compared to HKD 618,128,000 in 2023[51]. - Net cash outflow from financing activities was approximately HKD 629,581,000, an increase of about HKD 72,540,000 compared to HKD 557,041,000 in 2023, primarily due to increased dividend payments[51]. - The current ratio as of December 31, 2024, was approximately 42.47, compared to 29.52 at the end of 2023[48]. - The debt-to-equity ratio was zero as of December 31, 2024, as the company had no bank loans or other borrowings[48]. Dividends and Shareholder Returns - The board proposed a final cash dividend of HKD 0.15 per share, maintaining consistency with the previous year[25]. - The total reserves available for distribution to equity holders as of December 31, 2024, amounted to HKD 2,881,841,000, down from HKD 3,030,977,000 in 2023[70]. - The board proposed a final cash dividend of HKD 0.25 per share for the year 2024, consistent with the previous year[71]. Corporate Governance and Compliance - The company has complied with relevant laws and regulations, including Bermuda Company Law and the Environmental Protection Law of China, as of December 31, 2024[67]. - The audit committee consists of four independent non-executive directors and regularly meets with senior management and external auditors[100]. - The company emphasizes high levels of corporate governance to protect and enhance shareholder interests, adhering to the Corporate Governance Code[140]. - The board is responsible for monitoring the company's performance, including environmental, social, and governance matters, as well as financial results and significant transactions[142]. - The company has established a risk control department to oversee risk management, internal control, and legal compliance[171]. Environmental and Social Responsibility - The group donated over HKD 850,000 to support those in need and reward outstanding undergraduate and graduate students for the year ending December 31, 2024[104]. - The company has implemented measures to mitigate environmental, social, and governance (ESG) risks[178]. - The company has established an environmental, social, and governance task force to set and report on relevant goals and initiatives[141]. Leadership and Management - The company has a diverse board of directors with members holding advanced degrees and significant industry experience, enhancing its strategic decision-making capabilities[122]. - The company is focused on enhancing its operational efficiency and expanding its market presence through strategic leadership appointments and experienced management[116][119][120][124][125]. - The company has a strong management team with extensive experience in various sectors, including finance and engineering[130][132][136][137]. - The company is well-positioned for future growth with a diverse board of directors and experienced senior management[130][132][136][137]. Risk Management - The company has a robust framework for evaluating and managing risks associated with its operations and strategic initiatives[130][138]. - The company continuously monitors and evaluates major risks to ensure effective control and management[177]. - The company has developed a comprehensive compliance risk management system integrating compliance, risk, and legal frameworks[176].
中石化冠德(00934) - 2024 - 年度财报