Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 7,021,363 thousand, representing a 6.1% increase from HKD 6,614,982 thousand in the same period of 2022[2] - Gross profit increased by 4.2% to HKD 1,231,572 thousand compared to HKD 1,182,406 thousand in the previous year[2] - Profit attributable to owners of the company rose by 10.2% to HKD 235,747 thousand from HKD 213,982 thousand year-on-year[2] - Non-Hong Kong Financial Reporting Standards EBITDA was HKD 1,260,065 thousand, up 7.7% from HKD 1,170,441 thousand in the prior period[2] - Basic earnings per share increased by 10.5% to HKD 8.34 from HKD 7.55 in the same period last year[2] - The company reported a net profit of HKD 235,747 for the six months ended June 30, 2023, up from HKD 213,982 in the same period of 2022, reflecting an increase of about 10.2%[23] - The net profit margin for the period was 3.4%, up from 3.2% in 2022[63] - Basic and diluted earnings per share for the period were both HKD 0.0834, compared to HKD 0.0755 and HKD 0.0754 in the same period last year[64] Sales and Revenue Breakdown - Gas sales contributed HKD 5,700,194 to total revenue, slightly up from HKD 5,658,724 in the previous year, indicating a growth of about 0.7%[15] - Revenue from gas sales accounted for 81.2% of total revenue, with gas sales amounting to HKD 5,700,194,000, a slight increase of 0.7% from HKD 5,658,724,000[42][43] - The average selling price of gas for residential users increased by 1.2% to RMB 2.56 per cubic meter, while the price for industrial customers rose by 5.9% to RMB 3.98 per cubic meter[39] - Residential gas sales decreased by 6.4% to HKD 1,283,744,000, with a slight decline of 0.5% in RMB terms due to currency depreciation[46] - Commercial gas sales increased by 10.9% to HKD 387,042,000, with a 17.8% increase in RMB terms, and the number of commercial customers rose by 5.2% to 21,096[46] - Wholesale gas sales rose by 20.6% to HKD 1,121,120,000, accounting for 19.7% of total gas sales[47] Operational Metrics - Natural gas sales volume reached 1,492,148 thousand cubic meters, a 5.7% increase from 1,411,804 thousand cubic meters[2] - Comprehensive energy sales volume surged by 1,906.9% to 582.00 million kilowatt-hours from 29.00 million kilowatt-hours[2] - The cumulative number of integrated energy projects in operation increased by 57.9% to 120, compared to 76 in the previous year[39] - The total number of residential users connected to pipeline gas reached 4,849,837, reflecting a 6.3% increase from 4,563,719 in the previous year[38] - The number of commercial customers increased by 23.6% to 1,051 from 850 in the previous year[38] - The cumulative number of industrial customers connected reached 4,104, reflecting an 11.5% increase from the previous year[38] Financial Position - Total assets less current liabilities amounted to HKD 18,061,237 thousand, compared to HKD 15,805,069 thousand at the end of 2022[9] - Total equity attributable to owners of the company decreased to HKD 7,963,540 thousand from HKD 8,128,223 thousand at the end of 2022[9] - The total liabilities increased by HKD 879,356,000 or 7.6% to HKD 12,421,162,000 as of June 30, 2023[27] - The current ratio improved to approximately 0.8 as of June 30, 2023, compared to 0.6 in 2022[27] - As of June 30, 2023, the net debt to equity ratio was approximately 1.17, compared to 1.12 in 2022[27] Costs and Expenses - The total borrowing costs amounted to HKD 282,721, an increase from HKD 195,169 in the prior year, representing a rise of approximately 44.7%[18] - The income tax expense for the six months ended June 30, 2023, was HKD 164,255, compared to HKD 153,452 in the same period of 2022, indicating an increase of about 7.5%[20] - Financing costs rose by 127.7% to HKD 238,653,000 from HKD 104,801,000 in the previous year, primarily due to increased effective interest rates[59] Shareholder Information - As of June 30, 2023, the total number of issued shares of the company is 2,822,492,157[71] - Mr. Wang Wenliang holds 798,725,206 shares, representing a beneficial interest of 28.30%[70] - China Gas Holdings Limited owns 1,057,905,071 shares, accounting for 37.48% of the total shares[73] - The company has a significant shareholder, Hezhong Investment Holdings Limited, with 766,462,289 shares, representing 27.16%[73] - The company repurchased a total of 7,261,000 shares at a total cost of HKD 41,818,190 as of June 30, 2023, aimed at enhancing shareholder value and improving net asset value per share and earnings per share[78] Corporate Governance - The audit committee, composed of independent non-executive directors, reviewed the accounting principles and financial reporting for the six months ending June 30, 2023[77] - The company has complied with all applicable code provisions of the Corporate Governance Code during the review period[76] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, confirming compliance by all directors[76] Strategic Initiatives - The company plans to expand its market presence and enhance its service offerings through new integrated energy projects and value-added services[41] - The company is actively exploring user energy storage projects and aims to capitalize on opportunities in the energy storage industry[68] - The company will continue to optimize its ESG practices, focusing on reducing greenhouse gas emissions and enhancing internal governance[68]
中裕能源(03633) - 2023 - 中期业绩