For the full year of 2023, revenue for 2023 increased 5% year-on-year to HK$6.41 billion, and net profit decreased by 21% year-on-year to HK$2.6 billion. The gross profit margin is 11.7%, which is roughly the same year over year. During the period, aggregate gas sales increased by 9.4% year-on-year, which is higher than the national growth rate. The estimated sales volume of group businesses rose to 83.6%, which is far higher than that of peers.
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Green Energy (956.HK) Co., Ltd. signed a natural gas purchase contract. On April 24, Beijing Fuel Group Affiliated Eagle Company ordered a natural gas purchase contract. This type of cooperation will further reduce the acquisition costs of the cluster and increase profitability. The Group continues to optimize the upstream air supply chain. It has already operated four LNG terminals near Tianjin. This allows the Group to effectively reduce low-cost air sources without the need to invest heavily in construction on its own.
The gross margin is bottoming out, and the US Energy Information Administration predicts natural gas prices
It will drop 12% in 2024. At the same time, many parts of the country have made good progress in promoting the natural gas pricing mechanism. In 2023, a total of 25 subsidiaries in the Group Management Yanshai have completed the quotation, involving about 70% of the total amount of domestic gas used. The gross margin in 2023 is 0.47 yuan
The annual increase in population age is 9 percent. As costs fall and gas prices rise, the group gross margin is expected to increase one step further in 2024.
The target for future growth points is 2.5 billion for total gas sales in 2024
cubic meters, an increase of 15% over 2023. The Group's value-added services industry is developing rapidly. The gross profit compound growth rate in 2021-23 was 44%, and the combined gross profit growth rate in 2021-23 was 62%°. This business is still growing significantly in 2024 during the period of high growth.