Financial Performance - Revenue for the year 2024 reached HKD 17,522,924 thousand, representing a 28.9% increase compared to HKD 13,591,075 thousand in 2023[6] - The company reported a net profit of HKD 1,558,118 thousand for 2024, a significant recovery from a loss of HKD 1,707,401 thousand in 2023[6] - The group recorded a profit attributable to equity holders of approximately HKD 1,558,132,000, a significant turnaround from a loss of approximately HKD 1,707,385,000 in the previous year[43] - The gross profit for the reporting period was approximately HKD 3,301,651,000, with a gross profit margin of 18.8%, down 25.6% from last year's gross profit of HKD 4,439,240,000[59] - The adjusted EBITDA for the reporting period is approximately HKD 7,991,874,000, a decrease of 10.1% from HKD 8,885,063,000 in the previous year, mainly due to a decline in average net realized sales prices[72] - Oil and gas sales amounted to approximately USD 2,477,102,000, a 10.7% increase from USD 2,238,415,000 in the previous year[47] - The average realized price for oil and gas was approximately USD 62.58 per barrel of oil equivalent, a slight increase of 2.1% from USD 61.31 per barrel of oil equivalent last year[47] Production and Exploration - Average daily production for the year was 180,554 barrels of oil equivalent, with an average equity daily production of 108,079 barrels of oil equivalent[12] - The company achieved 11 commercial discoveries, contributing to a 2P reserve of approximately 665.6 million barrels of oil equivalent[12] - Daily total production target is set between 178,900 to 204,200 barrels of oil equivalent, with equity production between 104,200 to 120,600 barrels of oil equivalent[19] - The average daily production for the group reached approximately 180,554 barrels of oil equivalent, a 7.6% increase from last year's average of 167,826 barrels[28] - The average daily production in Pakistan was 36,627 barrels of oil equivalent, while in the Middle East and North Africa, it was 71,452 barrels of oil equivalent[99] - The group achieved 11 commercial discoveries in 2024, further solidifying its resource base and supporting long-term production growth[33] Capital Expenditure and Financial Position - Capital expenditure is projected at USD 750 million for exploration, development, and operational optimization[19] - Total assets increased by 1.1% to HKD 26,120,400 thousand, while net assets rose by 3.6% to HKD 13,295,380 thousand[6] - The group maintained a strong financial position with low leverage, providing a solid foundation for future growth and capital expansion[35] - The financing costs for the reporting period were approximately HKD 351,143,000, an increase of 19.6% from HKD 293,634,000 in the previous year[62] - The net cash outflow for financing activities in 2024 is approximately HKD 1,591,065,000, primarily due to special dividend distribution of HKD 1,033,984,000 and bank loan repayment of HKD 2,578,772,000[66] Strategic Initiatives and Future Outlook - The company plans to complete a strategic acquisition in Egypt, which is expected to double its asset portfolio[12] - The outlook for 2025 anticipates continued growth opportunities amid geopolitical and economic uncertainties, with rising oil demand expected[15] - The company is actively investing in renewable energy as part of its strategy to transition into a diversified energy leader[13] - The company aims to establish a global digital center and procurement center to achieve full digital integration by 2026[18] - The group anticipates global oil demand to increase by 1.45 million barrels per day in 2025, reaching an average of 105.2 million barrels per day[76] Health, Safety, and Environmental Standards - The company maintained a zero fatality and zero major incident record, demonstrating its commitment to health, safety, security, and environment (HSSE) standards[12] - The group emphasizes health, safety, security, and environmental (HSSE) execution as a key focus area, achieving all HSSE key performance indicators during the reporting period[139] Corporate Governance - The company has maintained compliance with corporate governance standards, although the CEO position is currently vacant[102] - The board confirmed that the consolidated financial statements comply with legal requirements and applicable accounting standards[114] - The company has confirmed compliance with the corporate governance code as per the listing rules, except for a specific provision[181] - The company has established several board committees, including audit, remuneration, and nomination committees, to oversee specific areas and assist in board responsibilities[115] Shareholder Information - The proposed final dividend for the year ending December 31, 2024, is HKD 0.05 per share, amounting to approximately HKD 1,292,480,000[67] - The company reported a total reserve available for distribution to shareholders of approximately HKD 6,402,448,000 as of December 31, 2024, down from HKD 7,436,432,000 as of December 31, 2023[183] - The last annual general meeting held on June 6, 2024, reappointed the auditor, which will be presented for resolution at the upcoming annual general meeting[193]
联合能源集团(00467) - 2024 - 年度财报