Financial Performance - The company reported a loss attributable to owners of approximately HKD 95.4 million for the year, compared to a profit of HKD 6.2 million in 2022[5]. - The company reported a net loss of HKD 96,239 thousand for 2023, a decline from a profit of HKD 5,734 thousand in 2022[43]. - The company reported a loss attributable to shareholders of approximately HKD 95,400,000 for the year, compared to a profit of HKD 6,200,000 in 2022[26]. - The company reported a loss attributable to shareholders of HKD (95,407,000) in 2023, compared to a profit of HKD 6,180,000 in 2022[104]. - The company recorded a significant increase in financial assets measured at fair value, with a net loss of HKD 102,189 thousand in 2023 compared to a loss of HKD 17,700 thousand in 2022[43]. Revenue and Trading - The company's total revenue for the year ended December 31, 2023, was approximately HKD 1,266,400,000, compared to HKD 923,100,000 in 2022, representing a year-over-year increase of 37.2%[26]. - The trading business revenue was approximately HKD 1,211,600,000, up from HKD 879,900,000 in 2022, marking an increase of 37.7%[31]. - Revenue from external customers in China rose to HKD 1,026,683,000 in 2023, up from HKD 677,236,000 in 2022, reflecting a growth of 51.6%[96]. - The storage and related services revenue for petroleum and petrochemical products was approximately HKD 39,900,000, an increase from HKD 31,000,000 in 2022[1]. - The company's trading revenue from petrochemical products accounted for approximately 60% of total trading revenue, down from 68% in 2022[31]. Assets and Liabilities - As of December 31, 2023, the company's cash and cash equivalents totaled approximately HKD 562.8 million, an increase from HKD 437.8 million in 2022[7]. - The company’s equity attributable to owners decreased by approximately HKD 97.9 million to about HKD 1,298.6 million as of December 31, 2023[8]. - The company’s total assets amounted to HKD 1,457,526 thousand in 2023, up from HKD 1,397,803 thousand in 2022, indicating overall growth[45]. - Current liabilities rose to HKD 130,491 thousand in 2023 from HKD 80,775 thousand in 2022, indicating increased short-term financial obligations[36]. - The company’s non-current assets increased to HKD 785,177 thousand in 2023 from HKD 751,846 thousand in 2022, showing growth in long-term investments[36]. Cash Flow and Financing - The company plans to use internal funds to repay all due debts and related interest[16]. - The company has secured bank financing of approximately USD 178 million and RMB 17 million, totaling around HKD 1,407.2 million[16]. - Trade receivables decreased to HKD 196,706 thousand in 2023 from HKD 228,859 thousand in 2022, indicating improved cash flow management[36]. - The company’s cash and cash equivalents increased to HKD 456,586 thousand in 2023 from HKD 287,962 thousand in 2022, enhancing liquidity[36]. Operational Strategy - The company maintained a cautious approach in commodity trading, opting not to engage in crude oil trading during the uncertain market conditions[3]. - The company has adopted a strategy to maintain low inventory levels to minimize stock risk while actively seeking new business opportunities[3]. - The company plans to expand its operations in China, leveraging the growth in external customer revenue[96]. Investments and Dividends - The company did not recommend the payment of a final dividend for the current year, consistent with the previous year[119]. - The company has invested a total of $25 million in SH Energy, equivalent to approximately HKD 195 million, as of December 31, 2023[124]. - The fair value loss of the investment in SH Energy for the year was approximately $13.1 million, equivalent to about HKD 102.1 million, representing a 10% loss of total assets[124]. Compliance and Governance - The company has fully complied with corporate governance codes and listing rules during the year[141]. - The audit committee reviewed all non-audit services provided by the external auditor, ensuring independence[142]. - The audit committee consists of three independent non-executive directors with relevant business and financial management experience[168].
海峡石油化工(00852) - 2023 - 年度业绩