CGN MINING(01164)2025-03-20 14:56Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 8,624,272,000, representing a 17.2% increase from HKD 7,359,952,000 in 2023[3] - The gross loss for the year was HKD 66,120,000, compared to a gross profit of HKD 128,755,000 in the previous year[3] - The profit before tax increased to HKD 814,211,000, up from HKD 548,972,000 in 2023, marking a 48.4% increase[3] - The net profit attributable to the owners of the company was HKD 341,981,000, down from HKD 497,099,000 in 2023, reflecting a decrease of 31.2%[4] - Basic earnings per share from continuing operations increased to HKD 0.0693, compared to HKD 0.0640 in the previous year[4] - The income tax expense for 2024 was HKD 287,485,000, significantly higher than HKD 62,369,000 in 2023, indicating increased tax liabilities[36] - The company reported a profit of HKD 341,981,000 for 2024, a decrease of 31.2% compared to HKD 497,099,000 in 2023[49] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 7,842,287,000, an increase from HKD 6,750,363,000 in 2023[5] - Current liabilities increased significantly to HKD 3,732,188,000 from HKD 1,391,228,000 in 2023, indicating a rise of 168.5%[5] - The total liabilities rose to HKD 3,920,581,000 in 2024 from HKD 2,870,172,000 in 2023, primarily driven by the natural uranium trading segment[24] - The company's equity increased slightly to HKD 3,921,706,000 from HKD 3,880,191,000 in 2023[6] - The total current liabilities rose by 168% to HKD 3,732 million as of December 31, 2024, compared to HKD 1,391 million as of December 31, 2023, mainly due to increased bank borrowings and reclassification of long-term loans from a subsidiary to short-term loans[147] Revenue Sources - Revenue from continuing operations for 2024 reached HKD 8,624,272,000, a 17.1% increase from HKD 7,359,952,000 in 2023[33] - The group reported a significant increase in revenue from external customers in mainland China, reaching HKD 1,987,964,000 in 2024, up 17.8% from HKD 1,687,603,000 in 2023[31] - The group’s revenue from the Hong Kong Special Administrative Region surged to HKD 2,386,244,000 in 2024, compared to HKD 385,815,000 in 2023, marking a substantial increase[31] - The total trading volume of natural uranium reached HKD 8,624 million, a 17% increase from 2023, with sales from the Xie and Ao companies amounting to HKD 1,957 million, up 16%[97] Operational Highlights - The segment loss for the natural uranium trading division was HKD (94,598,000), while the other investment segment reported a profit of HKD 1,016,278,000, leading to a total segment profit of HKD 921,680,000[22] - The company achieved a uranium production of 976tU in 2024, completing its annual plan at 100.1%, with production costs of 24/lbU3O8 for the Yi mine[90] - The company produced 1,783tU in the second half of 2024, exceeding its annual plan by 1.9%, with production costs of 31/lbU3O8 for the Zha mine[93] Market and Industry Trends - The global nuclear power market is projected to see an increase in installed capacity to 950 GWe by 2050 under high-case scenarios, up 7% from previous forecasts[76] - The global natural uranium production in 2024 is estimated at 58,846 tU, an 8.2% increase from 2023, with major producers like Kazatomprom and Cameco contributing significantly[86] - The long-term contract price for uranium increased from 81/lbU3O8 in November 2024, reflecting ongoing demand despite a decrease in trading volume[86] Corporate Governance and Strategy - The company is focused on maintaining a strong governance structure with a diverse board composition[174] - The company plans to continue focusing on cost control measures and market risk management to ensure stable operations amid fluctuating market conditions[97] - The implementation of stock incentive policies is aimed at enhancing the sense of belonging and loyalty among management and core employees[114] Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.3 per share, totaling approximately HKD 22,802,000 for the year ending December 31, 2024[48] - The board of directors proposed a final cash dividend of HK0.003 per share was declared and paid for the six months ending June 30, 2024, while there was no interim dividend for the same period in 2023[160] Future Outlook - The company is actively enhancing its resource base through exploration and development projects, including drilling activities to increase recoverable resources[94] - The company aims to actively explore new business models and trade opportunities while maintaining strict control over operational risks[112] - The company will closely monitor international geopolitical developments and their impact on capital market performance and resource development[117]