华润燃气(01193) - 2023 - 中期业绩

Financial Performance - Revenue for the first half of 2023 reached HKD 48,370 million, a slight increase of 0.6% compared to HKD 48,101 million in the same period of 2022[2] - Profit attributable to owners of the company increased by 16.4% to HKD 3,545 million, up from HKD 3,045 million year-on-year[2] - The total comprehensive income for the period was HKD 3,329 million, significantly higher than HKD 1,158 million in the same period last year[3] - The company reported a basic earnings per share of HKD 1.56, up from HKD 1.34 in the previous year[2] - The group reported a total profit before tax of HKD 5,592,066,000 for the six months ended June 30, 2023, compared to HKD 5,146,896,000 for the same period in 2022, reflecting an increase of about 8.7%[12][13] - The net profit for the six months ended June 30, 2023, was HKD 3,545,256,000, an increase from HKD 3,045,380,000 for the same period in 2022, showing a growth of 16.4%[20] - Basic earnings per share for the period was HKD 1.56, compared to HKD 1.34 for the same period last year, representing a year-over-year increase of 16.4%[20] Sales and Customer Growth - Total gas sales volume rose by 6.9% to 19,842 million cubic meters, compared to 18,562 million cubic meters in the previous year[2] - The total number of connected customers increased by 14.4% to 55.85 million, up from 48.83 million[2] - New industrial users developed amounted to 22,735, while new residential users reached 1,341,941, including 1,129,914 new home connections[36] - The average gasification rate of urban gas projects operated by the company increased from 56.1% to 58.4% year-on-year[36] Assets and Liabilities - Non-current assets increased to HKD 91,784 million from HKD 84,231 million as of December 31, 2022[5] - Total liabilities increased to HKD 26,027 million from HKD 13,438 million year-on-year[6] - Total equity attributable to owners of the company rose to HKD 39,784 million, compared to HKD 39,307 million at the end of 2022[7] - As of June 30, 2023, the group's current liabilities exceeded current assets by approximately HKD 7,977,826,000, raising concerns about liquidity[9] - The group’s bank and other borrowings totaled approximately HKD 35,364,257,000, with HKD 13,660,062,000 classified as current liabilities[9] - The total liabilities as of June 30, 2023, were HKD 78,051,442, compared to HKD 59,758,162 as of December 31, 2022, reflecting a rise of 30.5%[14] Investments and Capital Expenditure - The group has capital commitments of approximately HKD 1,073,340,000 as of June 30, 2023, indicating ongoing investment in future projects[9] - The company invested HKD 1,965,553,000 in construction projects during the six months ended June 30, 2023, down from HKD 2,017,471,000 in the same period last year, a decrease of 2.6%[21] Operational Highlights - The company continues to focus on expanding its gas distribution and related services in China, enhancing its market position[8] - The segment profit for gas fuel sales and related products was HKD 3,509,041,000, compared to HKD 2,778,688,000 in the previous year, indicating a significant increase of approximately 26.3%[12][13] - The segment performance for gas connection services generated a profit of HKD 1,592,332,000, up from HKD 2,160,573,000 in the previous year, showing a decrease of approximately 26.3%[12][13] - The group achieved a revenue of HKD 48.37 billion in the first half of 2023, representing a year-on-year growth of 0.6%[43] - The comprehensive service revenue increased from HKD 1.37 billion to HKD 1.47 billion, a growth of 7.7%, with segment profit rising from HKD 560 million to HKD 620 million, an increase of 11.4%[39] Dividend and Shareholder Information - The company declared an interim dividend of HKD 0.15 per share, totaling HKD 340,232,000, consistent with the previous year's interim dividend[19] - The interim dividend declared is HKD 0.15 per share, consistent with the previous year, to be paid on October 27, 2023[45] - The company will distribute the 2023 interim dividend in Hong Kong dollars (HKD) unless shareholders choose to receive it in Renminbi (RMB) at a conversion rate of HKD 1.0 to RMB 0.91789[47] - Shareholders opting for RMB will receive a dividend of RMB 0.1376835 per share, with the dividend checks expected to be mailed by October 27, 2023[47] Governance and Compliance - The company has adopted the mandatory provisions of the Corporate Governance Code and has updated its governance manual multiple times since its initial adoption in December 2005[49] - The company has complied with the Corporate Governance Code, except for deviations in provisions C.3.3 and F.2.2, which relate to formal appointment letters for directors and the attendance of the chairman at the annual general meeting, respectively[49] - All directors have confirmed compliance with the standards set forth in the Securities Trading Code during the reporting period[50] Environmental and Social Responsibility - The group successfully reduced carbon emissions per unit of output by 30.3% and energy consumption per unit of revenue by 2.4% in the first half of 2023[41] - The company anticipates steady growth in natural gas demand as it continues to support local government pollution prevention efforts[36] Future Outlook - The group aims to enhance the penetration rate of comprehensive services and expand the scale of comprehensive energy in the second half of 2023, contributing to steady revenue growth and improved shareholder returns[44]