2024-04-26 09:26Financial Performance - The company's operating revenue for Q1 2024 was CNY 5,837,973,993.47, representing a year-on-year increase of 3.68%[3] - The net profit attributable to shareholders for Q1 2024 was CNY 1,235,674,062.54, reflecting a year-on-year growth of 12.76%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,235,525,702.68, which increased by 39.81% compared to the same period last year[3] - The basic earnings per share for Q1 2024 was CNY 0.2590, an increase of 12.76% compared to the previous year[3] - Total revenue for Q1 2024 reached approximately $5.84 billion, an increase of 3.68% compared to $5.63 billion in Q1 2023[16] - Net profit for Q1 2024 was approximately $1.33 billion, an increase of 11.89% compared to $1.19 billion in Q1 2023[17] - Basic earnings per share for Q1 2024 were $0.259, up from $0.230 in Q1 2023, representing an increase of 12.61%[17] - The company achieved a total comprehensive income of approximately $1.49 billion in Q1 2024, up from $1.08 billion in Q1 2023, reflecting a growth of 37.93%[17] Cash Flow and Financial Stability - The net cash flow from operating activities for Q1 2024 was CNY 1,426,295,384.68, showing a decrease of 22.58% year-on-year[3] - Cash flow from operating activities for Q1 2024 was approximately $1.43 billion, a decrease of 22.55% from $1.84 billion in Q1 2023[19] - Net cash flow from investing activities was -$2.23 billion, compared to -$1.17 billion in the previous period[20] - Total cash outflow from financing activities was $1.55 billion, down from $3.19 billion year-over-year[20] - Net cash flow from financing activities was -$1.18 billion, compared to -$650.33 million in the previous period[20] - Cash and cash equivalents at the end of the period totaled $3.67 billion, down from $4.25 billion year-over-year[20] - The company experienced a net decrease in cash and cash equivalents of -$1.95 billion, contrasting with an increase of $11.1 million in the previous period[20] - Cash inflow from financing activities was $369.79 million, significantly lower than $2.54 billion in the previous period[20] - Cash outflow from investment activities totaled $2.41 billion, compared to $1.73 billion in the previous period[20] - The company received $333.12 million in cash from borrowings, a decrease from $2.51 billion year-over-year[20] Assets and Liabilities - The total assets at the end of Q1 2024 amounted to CNY 72,798,641,287.47, which is a 1.00% increase from the end of the previous year[3] - The total assets as of March 31, 2024, amounted to RMB 72.799 billion, compared to RMB 72.084 billion at the end of 2023[12] - The total liabilities decreased from RMB 34.980 billion to RMB 34.179 billion, indicating improved financial stability[13] - The equity attributable to shareholders at the end of Q1 2024 was CNY 35,728,391,767.86, reflecting a year-on-year increase of 4.00%[3] Operational Highlights - The company ordered 24 new vessels in Q1 2024, with only 1 vessel remaining to be delivered for the year[9] - The company's tanker capacity input increased by 8.8% year-on-year to 201,757 million ton-days, while the transportation volume decreased by 2.0% to 42.09 million tons[9] - The LNG transportation business contributed a net profit of RMB 182 million, reflecting a 5% increase compared to the previous quarter[9] - The operating revenue for the tanker segment reached RMB 5.271 billion, a year-on-year increase of 1.4%, with a gross margin of approximately 30%, up by 1.1 percentage points[9] - The average daily earnings for VLCC TD3C (Middle East to China) were $44,261, with a peak of nearly $70,000/day due to concentrated cargo releases in March[9] - The average daily earnings for LR2 TC1 (Middle East to Japan) exceeded $100,000/day, indicating strong performance in the product tanker market[9] - The company reported a decrease in operating costs for the tanker segment by 0.3% year-on-year to RMB 3.687 billion[9] Tax and Subsidies - The company received government subsidies amounting to CNY 883,926.95 during the reporting period[4] - The company reported a tax expense of approximately $228.68 million for Q1 2024, down from $362.08 million in Q1 2023[17] Other Financial Metrics - The company reported a decrease in financial expenses compared to the previous year, contributing to the increase in net profit attributable to shareholders[5] - The weighted average return on equity for Q1 2024 was 3.5194%, an increase of 0.22 percentage points compared to the previous year[3] - Other comprehensive income for Q1 2024 was approximately $161.20 million, compared to a loss of $106.99 million in Q1 2023, indicating improved financial health[17] - Research and development expenses for Q1 2024 were not specified, but the previous year's figure was approximately $5.44 million, indicating a focus on innovation[16] - The company did not apply new accounting standards or interpretations for the first quarter of 2024[21]