United Energy Group announced its financial and operating performance for the financial year 2023, reporting that revenue rose to HK$13,591,075,000, but gross profit fell to HK$4,439,240,000. The Company's EBITDA also decreased to HK$8,885,063,000 and recorded a net loss of HK$1,707,401,000 and a loss of HK$6.53 per share. Total assets and shareholders' equity declined to HK$25,829,150,000 and HK$12,830,726,000, respectively. In terms of operations, the average daily yield of Pakistani assets decreased, while the average yield of assets in the Middle East and Northeast Africa (MENA) region increased. In a statement, the CEO acknowledged the challenges and expressed satisfaction with the results, highlighting the continued success of MENA regional business indicators and announcing 11 business discoveries with equity 2P reserves of approximately 611.6 million barrels...Show More

United Energy Group announced its financial and operating performance for the financial year 2023, reporting that revenue rose to HK$13,591,075,000, but gross profit fell to HK$4,439,240,000. The Company's EBITDA also decreased to HK$8,885,063,000 and recorded a net loss of HK$1,707,401,000 and a loss of HK$6.53 per share. Total assets and shareholders' equity declined to HK$25,829,150,000 and HK$12,830,726,000, respectively. In terms of operations, the average daily yield of Pakistani assets decreased, while the average yield of assets in the Middle East and Northeast Africa (MENA) region increased. In a statement, the CEO acknowledged the challenges and expressed satisfaction with the results, highlighting the continued success of MENA regional business indicators and announcing 11 business discoveries with equity 2P reserves of approximately 611.6 million barrels of oil equivalent. Iraq's core asset in B9 is producing more than 70,000 barrels. Companies explore new business opportunities in Pakistan and Egypt and benefit from a favorable industry environment with high energy prices. United Energy Group is expanding its clean energy business and exploring new projects in the MENA region and beyond. The company is also expanding its corporate social responsibility (CSR) projects and maintaining prudent financial policies, controlling costs and investments. Looking ahead to 2024, the company expects global economic growth to continue to slow, but oil prices will remain relatively high. United Energy Group plans to increase production and reserves to support energy demand and energy transition, with an average daily production range of 176,300 to 197,600 barrels and capital expenditure of $8.8 billion to $9.3 billion. The long-term plan includes expanding the clean energy portfolio and investing in GIV-class clean energy projects in Europe, the MENA region and Central Asia. The Company is committed to optimizing and improving its capital structure and financial management. Despite the challenges, United Energy Group achieved satisfactory results in 2023 and is confident of achieving greater goals for 2024.