According to the Zhitong Finance App, CITIC Resources (01205) announced the results for the year ended December 31, 2023. The group achieved revenue of HK$3,826 million, a year-on-year decrease of 34.8%; profit attributable to shareholders was HK$552 million, a year-on-year decrease of 58.7%; basic profit per share was 7.02 HK cents; and a final dividend of HK2.5 cents per share was proposed.

In 2023, the Group was able to reduce its debt with internally generated cash flow, and the ratio of net debt to net total capital fell to about 4.2% (2022:6.2%). The Group's financial position and liquidity remained strong during the year.

Facing the changing external environment, the Group aims for the company's high-quality development. Focusing on the three core tasks of “mitigating risks, improving quality and efficiency, and optimizing management”, the Group insists on improving mechanisms to improve the level of operation, and insists on reform and empowerment to promote potential exploration, ensuring the safety and stability of production and operation.

In 2023, the Group's oil and gas business achieved operating output of about 17.1 million barrels and equity production of about 9.2 million barrels, down about 5.0% and 5.0% respectively from the same period last year. However, due to the sharp drop in the average price of crude oil sold by the Group, the oil and gas business achieved annual operating income of about HK$1.47 billion, a year-on-year decrease of about 20.5%, and contributed to net profit of about HK$690 million, up about 12.0% year on year.