Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HKD 5,502,952,000, an increase from HKD 3,456,367,000 in the same period of 2021, representing a growth of approximately 59%[14] - The gross profit for the same period was HKD 3,212,250,000, compared to HKD 1,504,883,000 in 2021, indicating a significant increase of about 113%[14] - The net profit for the period was HKD 1,510,239,000, up from HKD 958,735,000 in the previous year, reflecting a growth of approximately 57.6%[15] - Basic earnings per share increased to HKD 5.77 from HKD 3.66, marking a rise of about 57.6%[14] - Total comprehensive income for the period was HKD 1,530,136,000, compared to HKD 955,313,000 in 2021, showing an increase of approximately 60%[15] Assets and Liabilities - Non-current assets as of June 30, 2022, amounted to HKD 16,993,840,000, a decrease from HKD 17,363,762,000 at the end of 2021[16] - Current liabilities increased to HKD 8,379,088,000 from HKD 7,668,588,000, indicating a rise of about 9.2%[16] - The company's total assets less current liabilities stood at HKD 19,508,333,000, down from HKD 19,938,998,000 at the end of 2021[16] - The company's net asset value increased to HKD 14,720,399,000 from HKD 14,240,280,000, reflecting a growth of approximately 3.4%[17] - The company reported a decrease in borrowings to HKD 2,392,919,000 from HKD 2,833,466,000, indicating a reduction of about 15.5%[17] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 3,182,024, compared to HKD 1,228,692 for the same period in 2021, representing a significant increase[19] - The net cash used in investing activities was HKD (2,593,123) for the six months ended June 30, 2022, compared to HKD (908,942) in 2021, indicating increased investment outflows[19] - The net cash used in financing activities was HKD (1,326,353) for the six months ended June 30, 2022, slightly higher than HKD (1,292,811) in the previous year[19] - The total cash and cash equivalents at the end of the period were HKD 2,388,456, up from HKD 1,783,226 at the end of June 2021[19] - The company reported a decrease in cash and cash equivalents of HKD (737,452) for the six months ended June 30, 2022, compared to a decrease of HKD (973,061) in the same period of 2021[19] Dividends - The company declared dividends amounting to HKD (1,051,597) for the six months ended June 30, 2022, compared to HKD (603,829) in the previous year, reflecting a higher payout[19] - A special dividend of HKD 0.04 per share was paid, totaling HKD 1,051,597,000, while no interim dividend was declared for the current period[32] Operational Highlights - The company operates primarily in oil and gas exploration and production in Pakistan, the Middle East, and North Africa, indicating a focused operational strategy[23] - Average daily production reached approximately 165,338 barrels of oil equivalent, an 8.4% increase from 152,577 barrels of oil equivalent in the same period last year[62] - The company achieved 7 commercial discoveries, with 6 in Pakistan and 1 in Egypt, contributing to future production growth[62] - Average daily production from Pakistan assets was approximately 71,659 barrels of oil equivalent, a 4.9% increase year-on-year[63] - Average daily production from Iraq's B9 block increased by 33.1% to approximately 54,070 barrels of oil equivalent[64] Exploration and Development - Capital expenditure of approximately HKD 1,858,048,000 was allocated to oil exploration, development, and production activities during the reporting period[61] - Total exploration costs amounted to HKD 244,463,000, while total development costs reached HKD 1,500,968,000 during the reporting period[60] - The company completed drilling 28 wells, including 13 in Pakistan and 15 in the Middle East and North Africa[61] Market Performance - The average Brent crude oil price during the reporting period was USD 107.2 per barrel, up 65.05% from USD 64.95 per barrel in the same period last year[61] - The average realized price for oil and gas was approximately USD 71.93 per barrel of oil equivalent, a 64.6% increase from USD 43.70 in the previous year[70] - Oil and condensate sales volume reached 10.2 million barrels, a 20.3% increase year-on-year, with an average selling price of USD 104.18 per barrel, up 65.2% from the previous year[66] - Natural gas sales volume decreased by 3.1% to 7.7 million barrels of oil equivalent, but the average selling price increased by 27.1% to USD 29.40 per barrel of oil equivalent[67] Corporate Governance - The company has established a nomination committee responsible for board member nominations and diversity policies[105] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited financial statements for the six months ending June 30, 2022[107] - The company has complied with the corporate governance code as per the listing rules, except for the CEO position being vacant[104] - The company has adopted a standard code of conduct for directors' securities transactions, confirming compliance for the reporting period[106] Shareholder Information - As of June 30, 2022, the total number of shares held by major shareholders includes 17,466,600,230 shares (66.44%) held by Zhang Hongwei[97] - Major shareholders include He Fu International Limited, which holds 8,029,971,845 shares (30.55%)[98] - The company has a significant portion of its shares controlled by related entities, indicating concentrated ownership[99] Future Outlook - The average daily production target for 2022 is set between 160,000 to 173,000 barrels of oil equivalent, with capital expenditures expected to reach USD 720 million to USD 780 million[83] - The average daily production target for the Pakistan assets is projected to be between 45,000 to 48,000 barrels of oil equivalent in 2022[84] - The Middle East and North Africa assets have proven and probable reserves of 765.8 million barrels of oil equivalent, with 97.2% located in Iraq[85]
联合能源集团(00467) - 2022 - 中期财报