Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 83,082,000, a significant increase of 84.0% compared to HKD 45,102,000 in 2022[2] - The gross profit from oil sales, net of royalties, was HKD 71,597,000, up from HKD 30,932,000, reflecting a growth of 131.7%[2] - The company reported a profit before tax of HKD 22,334,000, a turnaround from a loss of HKD 46,957,000 in the previous year[3] - The net profit for the year was HKD 21,500,000, compared to a loss of HKD 46,746,000 in 2022, indicating a substantial recovery[3] - The company reported a profit of HKD 21,500,000 for the year 2023, compared to a loss of HKD 46,746,000 in 2022, indicating a significant turnaround in performance[29] - The group reported a total profit attributable to owners of the company of HKD 21,500,000 in FY2023, a recovery from a loss of HKD 46,746,000 in FY2022[66] Assets and Equity - Total assets as of December 31, 2023, amounted to HKD 434,858,000, an increase from HKD 411,892,000 in 2022[5] - The company's equity increased to HKD 403,453,000 from HKD 376,313,000, reflecting a growth of 7.2%[6] - The group's current assets as of December 31, 2023, amounted to HKD 199,209,000, an increase from HKD 191,386,000 in 2022, while quick assets totaled HKD 171,071,000, up from HKD 90,568,000 in 2022[67] - The total assets of the group as of December 31, 2023, were HKD 445,095,000, compared to HKD 433,689,000 in 2022, while the debt-to-asset ratio decreased to approximately 9% from 13% in 2022[67] - The group reported an increase in equity attributable to shareholders to HKD 403,453,000 as of December 31, 2023, up from HKD 376,313,000 in 2022, reflecting profits earned during the year[68] Revenue Sources - Revenue sources include oil exploration and production, solar energy, lending, and investment securities[11] - Oil sales accounted for HKD 71,597,000 in 2023, up 131.7% from HKD 30,932,000 in 2022, after deducting royalties[12] - The company generated HKD 8,160,000 from electricity sales in 2023, an increase from HKD 6,536,000 in 2022[12] - Major customer A contributed HKD 64,818,000 to total revenue in 2023, compared to HKD 30,166,000 in 2022[22] - The Canadian oil assets generated revenue of HKD 71,597,000 in the fiscal year 2023, up from HKD 30,932,000 in 2022, with an EBITDA of HKD 38,568,000 compared to HKD 13,178,000 in the previous year[45][50] Lending and Investment - Interest income from lending activities decreased to HKD 2,490,000 in 2023 from HKD 3,877,000 in 2022[12] - The expected credit loss provision for lending activities was HKD 11,300,000 in 2023, compared to a loss of HKD 20,019,000 in 2022[18] - The loan portfolio size shrank by 73% to HKD 16,598,000 in FY2023, compared to HKD 60,852,000 in FY2022, primarily due to the repayment of several receivables[57] - The overall profit from the lending business was HKD 13,820,000 in FY2023, a significant recovery from a loss of HKD 16,237,000 in FY2022[56] - The group's securities investments generated a total income of HKD 835,000 in FY2023, down from HKD 3,757,000 in FY2022, and recorded a loss of HKD 10,038,000 compared to a loss of HKD 9,743,000 in FY2022[60] Operational Developments - The company completed the acquisition of Canadian oil assets on July 16, 2022, which included rights, facilities, and pipelines, enhancing its operational capacity in the region[40] - The company continues to develop its business plan for the Canadian oil assets acquired in July 2022, which has provided valuable opportunities for growth in oil exploration and production[45] - The company has invested a total of HKD 58,265,000 in solar power projects as of December 31, 2023, with 50 operational solar photovoltaic systems generating a combined capacity of approximately 3,200 kW[54] - The group is expanding its renewable energy portfolio by investing in solar projects under the Feed-in Tariff Scheme, which allows for higher-than-normal electricity prices for renewable energy sold to local power companies[71] Market Conditions and Strategy - The company anticipates continued volatility in international oil prices due to ongoing global supply and demand changes, geopolitical tensions, and the impact of the Russia-Ukraine conflict[44] - The company has implemented a strategy to diversify and balance its energy portfolio, including investments in renewable energy assets such as solar projects[46] - The group aims to develop a diversified energy portfolio, including both oil and solar assets, to create long-term value for shareholders despite market uncertainties from international oil price fluctuations and geopolitical tensions[70] - The group plans to continue actively developing its oil and solar businesses while managing operations cautiously due to ongoing market uncertainties[71] Financial Ratios and Metrics - The group's current ratio improved to approximately 19.5 as of December 31, 2023, compared to 8.8 in 2022, indicating a very liquid position[67] - Interest income from banks and other sources increased by 336% to HKD 5,856,000 in 2023, up from HKD 1,343,000 in 2022, primarily due to increased cash reserves and rising bank deposit rates[68]
长盈集团(控股)(00689) - 2023 - 年度业绩