Revenue and Profitability - Revenue for the year ended December 31, 2023, was HKD 6,406,681, representing a 5% increase from HKD 6,102,638 in 2022[2] - Gross profit increased by 3% to HKD 748,979, compared to HKD 727,322 in the previous year[2] - Net profit for the year decreased by 21% to HKD 263,422, down from HKD 332,753 in 2022[2] - Earnings per share (EPS) decreased by 21%, with basic EPS at HKD 19.0 compared to HKD 24.1 in 2022[2] - The group reported a total revenue of HKD 140,681,000 for 2023, a significant increase from HKD 63,359,000 in 2022, representing a growth of approximately 121.5%[33] - The group’s consolidated gross profit for the year ended December 31, 2023, was approximately HKD 749 million, compared to HKD 727 million in 2022, maintaining a gross profit margin of 12%[112] - The profit attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 257 million, down from HKD 326 million in 2022, primarily due to increased financing costs driven by rising SOFR rates[113] Financial Position - Total assets as of December 31, 2023, were HKD 8,590,782, a slight increase of 0% from HKD 8,570,664 in 2022[5] - Current liabilities increased by 7% to HKD 4,051,960, up from HKD 3,788,969 in the previous year[5] - As of December 31, 2023, the group's current liabilities exceeded current assets by approximately HKD 2,176,549,000, indicating a need for sufficient financial resources to meet obligations[68] - Total current borrowings increased to HKD 135,000 million from HKD 122,000 million, representing an increase of approximately 10.7% year-on-year[81] - The total borrowings amounted to HKD 3,905,630 million, slightly up from HKD 3,904,259 million[81] - The group's current ratio as of December 31, 2023, was approximately 0.46, with a debt-to-capital ratio of about 56%[114] Costs and Expenses - The cost of gas procurement for 2023 was HKD 5,081,867,000, up from HKD 4,789,548,000 in 2022, indicating an increase of about 6.1%[35] - The net financing cost for 2023 was HKD (156,400,000), compared to HKD (106,567,000) in 2022, reflecting an increase of approximately 47%[36] - The group's total sales and service costs and administrative expenses amounted to HKD 6,007,889,000 in 2023, compared to HKD 5,690,138,000 in 2022, indicating an increase of approximately 5.6%[35] - The group's administrative expenses for the year ended December 31, 2023, were approximately HKD 350 million, an increase of about HKD 35 million or 11% compared to HKD 315 million for the previous year[92] Dividends - The proposed final dividend per ordinary share is HKD 0.10, an increase from HKD 0.09 in the previous year[27] - The proposed final dividend for the year ended December 31, 2023, is approximately HKD 102,827,000, down from HKD 135,203,000 in 2022, which corresponds to a decrease of about 24%[39] - The board proposed a final dividend of HKD 0.076 per share for the year ended December 31, 2023, down from HKD 0.10 per share in 2022, with shareholders having the option to receive the dividend in cash or new ordinary shares[128] Operational Highlights - The total gas sales volume for 2023 reached a record high of 2.2 billion cubic meters, with pipeline gas sales increasing by 12% year-on-year to 1.61 billion cubic meters[55] - The pipeline natural gas sales revenue for the year was HKD 5,850,142,000, an increase of approximately 9% from HKD 5,380,406,000 in the previous year[60] - The group’s rental income increased to HKD 10,180,000 in 2023 from HKD 6,533,000 in 2022, marking a growth of approximately 55.5%[33] - The group’s insurance agency service revenue rose to HKD 9,246,000 in 2023, compared to HKD 6,561,000 in 2022, representing an increase of about 40.6%[33] - The cumulative number of users reached approximately 2,399,000, with about 100,000 new regular users added during the year[55] Strategic Initiatives - The group plans to enhance its upstream gas source structure and reduce procurement costs through strategic partnerships, including agreements with Beijing Gas Group and Sinopec[87] - The group aims to enhance its core gas supply business in 2024 by actively expanding pipeline gas and transportation gas customers while reducing procurement costs to improve profitability[120] - The company plans to continue developing diversified value-added services, expecting this segment to drive significant growth in the coming years[120] - The group is committed to promoting green development and responding to national clean energy strategies, focusing on sustainable growth and creating new profit growth points[120] Market Outlook - The OECD forecasts China's economic growth rate to be 4.7% in 2024, which is expected to positively impact the natural gas industry[99] - The group expects China's LNG imports to rebound to 80 million tons in 2024, surpassing the record of 78.79 million tons set in 2021[99] Employee and Corporate Governance - The group has 1,752 employees as of December 31, 2023, with total employee compensation amounting to approximately HKD 222 million, up from HKD 216 million in the previous year[101] - The group received several awards for its corporate social responsibility efforts, including the "Best ESG Company Award" at the 8th Zhitong Finance Capital Market Annual Meeting[58] Miscellaneous - The annual report for the year ended December 31, 2023, is expected to be published around April 12, 2024[108] - The group had no significant contingent liabilities as of December 31, 2023[118]
滨海投资(02886) - 2023 - 年度业绩