Financial Performance - Revenue for the year ended December 31, 2022, was $64,124 thousand, an increase of 22.5% compared to $52,331 thousand in 2021[16] - Gross profit for 2022 was $15,242 thousand, up from $8,309 thousand in 2021, representing an increase of 83.5%[16] - Operating profit for the year was $16,374 thousand, compared to $5,327 thousand in 2021, reflecting a significant increase of 207.5%[16] - Net profit for the year ended December 31, 2022, was $10,931 thousand, a substantial increase from $1,721 thousand in 2021, marking a growth of 535.5%[16] - Basic earnings per share for 2022 were 2.48 cents, compared to 0.39 cents in 2021, indicating a significant improvement[16] - The company reported a total comprehensive income of 10,931 thousand USD for the year ended December 31, 2022, compared to 1,721 thousand USD in 2021, representing a significant increase[31] - The group reported a total revenue of $10,931,000 in 2022, a significant increase from $1,721,000 in 2021, marking a growth of over 535%[43] - For the fiscal year ended December 31, 2022, the group recorded a significant increase in profit from approximately $1.7 million for the year ended December 31, 2021, to approximately $10.9 million, representing a growth of about 541.2%[143] - The group's net profit margin improved from approximately 3.3% to about 17.0% during the same period[143] Revenue Sources - Revenue from customer contracts related to charter and package contracts was 30,808 thousand USD in 2022, up from 26,986 thousand USD in 2021, reflecting a growth of approximately 10.5%[27] - Revenue from other sources, specifically time charter, increased to 33,316 thousand USD in 2022 from 25,345 thousand USD in 2021, marking a growth of about 31.5%[27] - Revenue from external customers reached $64,124,000 for the year ended December 31, 2022, with a segment profit of $15,041,000[52] - Revenue from the chartering of tankers increased significantly from approximately $14.9 million for the year ended December 31, 2021, to approximately $22.7 million for the year ended December 31, 2022, representing a growth of about $7.8 million or 52.3%[75] - The revenue from time charter and voyage contracts increased by approximately $3.8 million or 14.1% to approximately $30.8 million, primarily due to a 34.9% increase in average freight rates for time charter contracts[104] Assets and Liabilities - Total assets as of December 31, 2022, amounted to $212,651 thousand, an increase from $200,499 thousand in 2021[6] - Total liabilities increased to $80,773 thousand in 2022 from $79,469 thousand in 2021[6] - Current liabilities decreased to $32,970 thousand in 2022 from $41,517 thousand in 2021, indicating improved liquidity[6] - The company’s non-current assets primarily consist of vessels, accounting for over 99% of total non-current assets as of December 31, 2022[34] - The segment liabilities totaled $78,909,000 as of December 31, 2022, showing a slight increase from $77,934,000 in 2021[55] - The capital debt ratio decreased to 0.57 as of December 31, 2022, from 0.60 as of December 31, 2021, representing a reduction of 5.0%[115] - The net debt to equity ratio significantly decreased to 0.27 as of December 31, 2022, from 0.55 as of December 31, 2021, a decline of 50.9%[115] - Total borrowings and lease liabilities amounted to approximately $75.2 million as of December 31, 2022, an increase of about $3.1 million from $72.1 million as of December 31, 2021[117] Expenses and Costs - Interest expenses for the company amounted to 3,542 thousand USD in 2022, compared to 3,542 thousand USD in 2021, indicating stable financing costs[31] - Interest expenses on lease liabilities decreased to $1,579,000 in 2022 from $1,668,000 in 2021, representing a reduction of approximately 5.3%[37] - Borrowing interest increased significantly to $3,806,000 in 2022 from $1,647,000 in 2021, indicating a rise of about 131.5%[37] - The total income tax expense recognized in profit or loss was $1,000 in 2022, down from $10,000 in 2021, reflecting a decrease of 90%[37] - Administrative expenses rose by approximately $0.9 million or 24.3% to about $4.6 million for the year ended December 31, 2022, mainly due to increased employee costs[82] - Financing costs increased from approximately $3.6 million for the year ended December 31, 2021, to approximately $5.4 million for the year ended December 31, 2022, due to higher interest rates on new loans[84] - Fuel costs increased by approximately $2.6 million or 31.0%, attributed to a significant rise in global fuel prices, with average fuel prices increasing by approximately 30% to 60%[106] Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance to safeguard shareholder interests and enhance corporate value[162] - The audit committee, composed entirely of independent non-executive directors, has reviewed the group's consolidated results for the year ended December 31, 2022, confirming compliance with applicable accounting principles and sufficient disclosures[168] - The company has adopted corporate governance principles and has complied with all applicable rules as of December 31, 2022[189] - The company has adopted the Listing Rules Appendix 10 as its own code of conduct regarding directors' securities transactions, with all directors confirming compliance as of December 31, 2022[163] Future Outlook and Strategy - The company anticipates steady growth in the global liquid transportation market over the next two years, driven by economic development in regions like Africa and South America[71] - The company expects demand for liquid chartering services to steadily increase, particularly in the Asia-Pacific region under the Belt and Road Initiative[71] - The company plans to continue optimizing its fleet composition and enhancing operational efficiency to improve profitability[73] - The company remains optimistic about the future of the tanker and bulk shipping markets despite ongoing risks such as the Ukraine conflict and rising global oil prices[74] - The company has diversified its business and gradually developed its customer base, including major clients in global transportation and logistics[97] - The company anticipates that the shortage of tanker capacity will continue in specific markets, with demand growth expected to outpace supply[100] Shareholder Information - The group does not recommend the payment of dividends for 2022, consistent with the previous year[42] - The group has 440,000,000 shares issued and fully paid as of December 31, 2022, unchanged from the previous year[45] - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2022[191] - The company maintained a public shareholding of over 25% as of December 31, 2022, in compliance with listing regulations[94] Significant Transactions - The company completed the sale of XYG Fortune for a price of $20,850,000, which was approved by shareholders on August 22, 2022[182] - The company sold a second-hand bulk carrier, XYG Fortune, generating approximately $5.5 million in revenue, which significantly contributed to other income increasing from about $1.3 million to approximately $6.2 million[81] - The company has entered into various charter agreements, including a charter agreement dated March 4, 2022, for the vessel XYMG Noble[170]
信源企业集团(01748) - 2022 - 年度业绩