Hong Kong China Gas (00003.HK) announced its 2023 annual results. The overall business of the Group in 2023 is ideal and progressing steadily. While consolidating the development of the gas business, it is developing renewable energy business in an asset-light model and developing new energy businesses such as hydrogen energy and green methanol. Profit after tax attributable to the Group's shareholders for the year was HK$6.07 billion, up 16% from the previous year. The basic profit per share was HK$32.5 cents. Excluding non-operating profit and loss, core profit increased 11% to HK$5.894 billion. Excluding revaluation of the Group's investment properties in the International Financial Center, the Group's profit after tax for the year was HK$5.57 billion, up 5% from the previous year. A final dividend of HK$23 per share is proposed, and the dividend will remain at HK$35 per share for the whole year.
The gas business in Hong Kong was stable. The number of customers increased by 24,574. Due to higher than normal temperatures in 2023 and residents' consumption leaving Hong Kong, gas sales volume was 27,125 megajoules (equivalent to about 800 million cubic meters of natural gas), a slight decrease of 1% from the previous year.
The mainland business is better than expected. A total of 774 projects have been obtained in 29 provincial regions, an increase of 150 over the previous year. Among them, gas sales increased 8% compared to the previous year, and gas customers increased 7.8%. The renewable energy business continues to advance, and PV has signed a total of 2.96 gigawatts and 1.8 gigawatts of grid-connected PV installed capacity.