Financial Performance - For the first half of 2022, Sinopec Kantons Holdings Limited reported revenue of approximately HKD 324 million, a year-on-year decrease of about 2.20%[9]. - The company's profit for the same period was approximately HKD 357 million, representing a year-on-year decline of about 47.11%, equating to earnings per share of approximately HKD 0.1435[9]. - The company's revenue for the six months ended June 30, 2022, was HKD 323.7 million, a decrease of 2.3% compared to HKD 330.98 million in the same period of 2021[50]. - Gross profit for the first half of 2022 was approximately HKD 172.05 million, an increase of about 3.49% from HKD 166.25 million in the first half of 2021[17]. - Operating profit rose to approximately HKD 151.48 million, reflecting a significant increase of about 28.16% compared to HKD 118.20 million in the previous year[17]. - Profit attributable to equity holders of the company for the period was HKD 356.52 million, a decline of 47.2% compared to HKD 674.13 million in the prior year[50]. - The company's share of joint venture results dropped to approximately HKD 159.81 million, a decline of about 68.10% from HKD 501.04 million in the first half of 2021, primarily due to losses related to Vesta and lower throughput at domestic refineries[24]. - Total comprehensive income for the period was HKD 129,674,000, down 80.7% from HKD 670,409,000 in the previous year[52]. Operational Highlights - The subsidiary Huizhou Daya Bay Huade Petrochemical Co., Ltd. handled 44 oil tankers, achieving crude oil unloading of approximately 6.42 million tons, a year-on-year increase of about 3.22%[11]. - The domestic terminal companies collectively achieved a throughput of approximately 110 million tons, a year-on-year decrease of about 9.09%[13]. - The LNG shipping business completed 53 voyages, generating investment income of approximately HKD 55.93 million, a year-on-year increase of about 9.59%[13]. - The segment revenue for crude oil terminal and storage services reached HKD 323,700,000 for the six months ended June 30, 2022, with all revenue coming from external customers[80]. - Revenue from crude oil terminal services was HKD 257,127,000 for the six months ended June 30, 2022, compared to HKD 262,804,000 in the same period of 2021, indicating a decrease of approximately 2.6%[92]. Financial Position - The company's cash and cash equivalents increased to approximately HKD 5.28 billion, a rise of about 25.86% from HKD 4.20 billion at the end of the previous year[27]. - The current ratio as of June 30, 2022, was approximately 13.10, down from 24.34 at the end of 2021, indicating a decrease in liquidity[29]. - The company's total liabilities to total assets ratio increased to approximately 4.14% from 2.82% at the end of the previous year, reflecting a change in financial leverage[29]. - The company's total assets as of June 30, 2022, were HKD 15,888,761,000, slightly up from HKD 15,846,528,000 at the end of 2021[55]. - The company's equity attributable to shareholders decreased to HKD 15,196,532,000 from HKD 15,364,863,000, a decline of 1.1%[55]. - The total liabilities increased to HKD 658,253,000 from HKD 447,355,000, marking a rise of 47%[56]. Cash Flow and Investments - For the six months ended June 30, 2022, the company generated cash from operations amounting to HKD 135,689,000, a significant increase from HKD 16,772,000 in the same period last year[64]. - The net cash generated from operating activities was HKD 69,613,000, compared to a net cash used of HKD 80,879,000 in the previous year, indicating a turnaround in operational cash flow[64]. - The company incurred a loss of approximately HKD 281 million related to its investment in Vesta Terminals B.V. due to geopolitical tensions from the Russia-Ukraine conflict[9]. - The company has secured a refinancing loan of USD 280 million, with 50% of its shares in Fujairah pledged as collateral[38]. Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the absence of the chairman at the annual general meeting due to COVID-19 restrictions[138]. - The audit committee has reviewed the interim financial report for the six months ending June 30, 2022, ensuring compliance with accounting standards[143]. - The company confirmed that all directors have adhered to the securities trading code during the reporting period[140]. - The company is committed to high levels of corporate governance and regularly reviews its practices to enhance shareholder rights[138]. Future Outlook and Projects - The company is actively pursuing the feasibility study for the oil storage and terminal project in Indonesia's Batam Island, currently in the evaluation phase[14]. - The company is closely monitoring the Batam project to protect the interests of the group and its shareholders[127]. - The company has engaged two consulting firms to assist in updating the feasibility study for the Batam project[127]. - The company continues to focus on expanding its oil terminal services and logistics operations, which are expected to drive future growth[66]. Social Responsibility - The company actively practices corporate social responsibility, achieving certifications for energy-saving and waste reduction with "Good Level" ratings[151]. - Employees participated in the global event "Earth Hour" organized by the World Wildlife Fund to promote environmental protection[152].
中石化冠德(00934) - 2022 - 中期财报