Financial Performance - Revenue for the year ended 31 December 2023 was approximately HK$6.41 billion, representing a 5% increase from HK$6.10 billion in 2022[13]. - Profit for the year amounted to approximately HK$263 million, a decrease of 21% from HK$333 million in 2022[13]. - The gross profit margin for the year was 11.7%, a slight decrease from 11.9% in the previous year[12]. - The profit margin for the year was 4.1%, down from 5.5% in 2022[12]. - The Group's gross profit for the year ended December 31, 2023, was approximately HK$749 million, with a gross profit margin of approximately 12%, unchanged from 2022[69]. - Profit attributable to equity owners of the Company decreased to approximately HK$257 million for the year ended December 31, 2023, down from approximately HK$326 million in 2022, mainly due to increased finance costs[69]. - Basic earnings per share for the year ended December 31, 2023, were HK$19.0 cents, compared to HK$24.1 cents for the year ended December 31, 2022[69]. Sales and Customer Growth - The Group achieved a record high in total gas sales, exceeding 2.2 billion cubic metres, with piped natural gas sales reaching 1.61 billion cubic metres, a year-on-year increase of 12%[3]. - The number of regular customers increased by about 100,000, bringing the total to approximately 2,399,000[3]. - The Group's income from sales of piped natural gas amounted to HK$5,850,142,000, representing an increase of approximately 9% compared to HK$5,380,406,000 in 2022[39]. - The natural gas trading business contributed a trading volume of 0.059 billion cubic metres, achieving a gross profit of approximately HK$3 million[3]. Business Development and Strategy - The Group's value-added business gross profit increased year-on-year by 44%, significantly enhancing profitability[3]. - The Group plans to continue developing diversified value-added businesses to drive rapid growth in the coming years, focusing on reducing gas procurement costs and enhancing profitability[34]. - The Group aims to actively develop diversified value-added businesses, expecting significant growth in performance over the next few years[59]. - The Group is committed to green development and responding to national clean energy strategies, focusing on sustainable growth and maximizing shareholder returns[59]. Infrastructure and Operations - The cumulative length of urban medium-pressure gas pipelines increased by 170 kilometers to approximately 3,891 kilometers as of December 31, 2023[41]. - The Group's engineering construction and gas pipeline installation service revenue was approximately HK$504,871,000, a decrease of about 22% from HK$646,835,000 in the previous year[41]. - The Group successfully realized an incremental production of 300,000 cubic meters for the daily gas consumption of the Qinhuangdao Yaohua Glass Project, enhancing its upstream resource advantage[16]. Financial Position and Liquidity - As of December 31, 2023, total borrowings amounted to approximately HK$3,905,630,000, a slight increase from HK$3,904,259,000 in 2022[70]. - Cash and bank deposits were approximately HK$946,324,000, down from HK$1,018,114,000 in 2022, including cash equivalents of HK$808,364,000[70]. - The Group's current liabilities exceeded its current assets by approximately HK$2,176,549,000 as of December 31, 2023[71]. - The current ratio was approximately 0.46, indicating potential liquidity concerns[70]. - The gearing ratio was approximately 56%, calculated as net debt divided by total capital[70]. Corporate Governance - The Company fully complied with the Corporate Governance Code provisions as set out in the Listing Rules on The Stock Exchange of Hong Kong for the year ended 31 December 2023[93]. - The Board comprises nine Directors, including three Executive Directors and four Independent Non-Executive Directors[98]. - The Company adopted a code of conduct for securities trading by Directors, requiring approval from the Chairman for transactions[95]. - The Nomination Committee held two meetings during the year ended December 31, 2023, discussing the appointment and re-election of directors, and reviewing the effectiveness of the Board Diversity Policy[126]. Risk Management - The Group's risk management framework is overseen by the Risk Committee, which comprises four independent non-executive Directors and one executive Director[186]. - The internal control work in 2023 focused on enhancing risk assessments and improving the efficiency of control activities[181]. - The Risk Committee discussed the overview and assessment of the Group's principal risks during its meeting held in the year ended December 31, 2023[167]. Employee and Board Diversity - As of December 31, 2023, the total number of male and female employees was 1,219 and 533 respectively, resulting in a male to female ratio of approximately 2:1[150]. - The company emphasizes fairness and impartiality in its recruitment process, ensuring equal opportunities for all applicants[125]. - The Board Diversity Policy aims to maintain competitive advantage through diverse talents, skills, and backgrounds, with measurable objectives set by the Nomination Committee[121].
滨海投资(02886) - 2023 - 年度财报