Financial Performance - In the first half of 2024, Sinopec Kantons Holdings Limited reported revenue of approximately HKD 331 million, an increase of about 7.29% compared to the same period in 2023[10]. - The company's profit for the first half of 2024 was approximately HKD 685 million, a decrease from the previous year due to foreign exchange losses and reduced investment income from domestic oil product terminal companies[10]. - Gross profit for the first half of 2024 was approximately HKD 177,610,000, reflecting a year-on-year increase of about 16.17% from HKD 152,888,000 in the first half of 2023[13]. - Operating profit decreased to approximately HKD 118,846,000, down about 17.79% from HKD 144,563,000 in the first half of 2023, primarily due to increased foreign exchange losses[13]. - The net profit attributable to equity holders for the period was HKD 685,367,000, down 7.9% from HKD 744,189,000 in the previous year[38]. - Total comprehensive income for the period was HKD 662,003,000, compared to HKD 537,952,000 in the same period last year, showing a significant increase[38]. - The company reported a total revenue of HKD 8,395,136,000 for the first half of 2024, a decrease from HKD 9,146,203,000 in the same period of 2023[43]. - The profit before tax for the period was HKD 752,810,000, with a tax expense of HKD 67,448,000, resulting in a net profit of HKD 685,362,000[53]. Operational Highlights - The subsidiary Huade Petrochemical handled 57 oil tankers, completing crude oil unloading of approximately 7.39 million tons, which represents a year-on-year increase of about 23.58%[10]. - The domestic six terminal companies experienced a throughput volume of approximately 100 million tons, a year-on-year decrease of about 4.76%[11]. - Investment income from the subsidiary Fujairah Oil Storage Company increased by approximately 34.67% to HKD 67.05 million in the first half of 2024[12]. - The segment performance for the crude oil terminal and storage services was HKD 607,873,000, while the shipping leasing and transportation services segment reported HKD 59,418,000[53]. - The company’s revenue from crude oil terminal services was HKD 252,078,000 for the six months ended June 30, 2024, compared to HKD 238,067,000 in the same period of 2023, marking an increase of approximately 5.9%[61]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2024, totaled approximately HKD 6,436,719,000, an increase of about 10.49% from HKD 5,825,350,000 at the end of 2023, due to received dividends and interest income[20]. - The group reported a net cash outflow from operating activities of approximately HKD 93,755,000, a decrease in outflow compared to HKD 102,673,000 in the first half of 2023[26]. - The company reported a net cash outflow from operating activities of HKD 50,216,000 for the first half of 2024, compared to an inflow of HKD 4,234,000 in the same period of 2023[44]. - The company incurred a net cash outflow from investing activities of HKD 97,013,000, significantly lower than the outflow of HKD 1,618,003,000 in the previous year[44]. - Financing activities resulted in a net cash outflow of HKD 378,197,000, compared to HKD 7,701,000 in the same period last year[44]. Dividends and Shareholder Information - The company declared an interim cash dividend of HKD 0.10 per share, consistent with the same period in 2023[10]. - The company declared an interim dividend of HKD 248,616,000 for the six months ended June 30, 2024, unchanged from the previous year[66]. - Sinopec Kantons Holdings Limited has a significant shareholder, Crown International, holding 1.5 billion shares, representing 60.33% of the issued shares[89]. Strategic Initiatives and Future Outlook - The company is focusing on customer and market expansion while maintaining stable operations and optimizing cost control measures[10]. - The company anticipates that the domestic economy may improve as multiple policies gradually take effect, despite ongoing external uncertainties[12]. - The company plans to expand its market presence and invest in new product development to drive future growth[42]. - The company has identified strategic opportunities for mergers and acquisitions to enhance its competitive position in the market[42]. - The company expects to improve its financial performance in the second half of 2024, with a guidance of revenue growth of approximately 10% year-over-year[42]. Risk Management and Compliance - The company faces currency risk due to operations in China, Europe, and the UAE, with revenues in RMB, EUR, and USD, but has not engaged in hedging activities[29]. - The company has complied with the Corporate Governance Code applicable as of June 30, 2024, ensuring high standards of corporate governance[90]. - The financial report is prepared in accordance with the Hong Kong Financial Reporting Standards and has been reviewed by KPMG[47]. - The company has not reported any significant events after the reporting period[33]. Employment and Corporate Structure - As of June 30, 2024, the company employed 221 staff, down from 228 a year earlier[32]. - The Audit Committee, composed of four independent non-executive directors, has reviewed the interim financial report for the six months ending June 30, 2024[94].
中石化冠德(00934) - 2024 - 中期财报