Financial Performance - The company reported a revenue of HKD 368,222,000 for the six months ended June 30, 2022, a decrease of 46.3% compared to HKD 684,138,000 in the same period of 2021[4]. - Gross profit for the period was HKD 25,788,000, down 47.4% from HKD 49,065,000 year-on-year[4]. - The net profit attributable to shareholders was HKD 10,982,000, a decline of 64.0% from HKD 30,509,000 in the previous year[4]. - The total comprehensive income for the period was HKD 4,567,000, significantly lower than HKD 31,382,000 in the prior year[4]. - The operating profit before tax for the six months ended June 30, 2022, was HKD 15,955 thousand, down 60.5% from HKD 40,343 thousand in the same period of 2021[37]. - For the six months ended June 30, 2022, the total revenue was HKD 368,222 thousand, a decrease of 46.1% compared to HKD 684,138 thousand for the same period in 2021[35]. - The profit attributable to the company's owners for the same period was approximately HKD 10,982,000, down 64.1% from HKD 30,509,000 in the prior year[69]. - Basic earnings per share for the period were HKD 1.30, a decline of 64.1% from HKD 3.62 in the previous year[49]. - The gross profit for the period was approximately HKD 25,788,000, compared to HKD 49,065,000 in the same period last year, indicating a significant decrease[69]. Cash Flow and Liquidity - The company experienced a net cash inflow from operating activities of HKD 18,521,000, compared to a cash outflow of HKD 4,042,000 in the same period last year[23]. - The company's cash and cash equivalents increased to HKD 24,708,000 from HKD 9,069,000, marking a significant improvement[23]. - The current ratio was 4.62 as of June 30, 2022, compared to 2.45 at the end of 2021, indicating improved liquidity[84]. - The group maintained a healthy financial position with cash and bank balances of approximately HKD 24,708,000 as of June 30, 2022, up from HKD 9,069,000 at the end of 2021[84]. Assets and Liabilities - Current assets decreased to HKD 183,428,000 from HKD 233,888,000 at the end of 2021, reflecting a decline of 21.5%[10]. - Current liabilities were reduced to HKD 39,663,000 from HKD 95,420,000, indicating a decrease of 58.5%[12]. - The total equity attributable to shareholders rose to HKD 475,457,000 from HKD 470,890,000, showing a slight increase of 1.2%[17]. - Trade receivables from third parties as of June 30, 2022, amounted to HKD 25,282,000, a decrease of 66.1% from HKD 74,534,000 at the end of the previous year[55]. - Trade payables to third parties as of June 30, 2022, were HKD 10,529,000, a decrease of 76.6% from HKD 44,877,000 at the end of the previous year[63]. Market Conditions - The significant decline in revenue was primarily due to strict pandemic control measures and travel restrictions in mainland China, affecting the transportation of oil and related products[70]. - Brent crude oil prices increased from USD 79.0 per barrel at the beginning of 2022 to USD 99.6 per barrel by early August 2022, representing a rise of approximately 26.1%[79]. - Natural gas prices surged from USD 3.8 per million British thermal units at the start of 2022 to over USD 9.6 in early June, before dropping to USD 5.4 and then rising again to USD 8.8 by early August, indicating significant volatility[76]. - The group anticipates continued volatility in oil and gas prices due to global economic growth uncertainties and geopolitical tensions, necessitating cautious reassessment of project investment progress[80]. Corporate Governance - The board of directors is committed to high standards of corporate governance and regularly reviews governance practices to ensure compliance with applicable laws and regulations[107][108]. - The audit committee, consisting of three independent non-executive directors, reviewed and confirmed the accounting principles and practices adopted by the group, ensuring adequate disclosure in the interim financial information[112][113]. - The company has confirmed that all directors complied with the standards of the code of conduct for securities transactions during the reporting period[104]. - The board of directors is responsible for ensuring the financial statements present a true and fair view of the group's financial position[114]. Future Outlook - The group plans to explore new business opportunities in international trade of oil and related products, as well as potential acquisitions of quality assets closely related to existing operations[81]. - The group has no major acquisitions or investments planned beyond those disclosed in the report, focusing on maintaining and developing existing operations[89]. - The average forecast for Brent crude oil prices is projected to be USD 105 per barrel for 2022 and USD 95 for 2023 according to the EIA[79].
中港石油(00632) - 2022 - 中期财报