Gelonghui, March 21, 丨 Sinopec Guande (00934.HK) announced that for the year ended December 31, 2023, the Group's revenue was about HK$610 million, down about 1.01% year on year. The company recorded profit of approximately HK$1,298 million this year, an increase of about 222.47% over the previous year. Equivalent to the profit attributable to the company's equity holders was approximately HK$52.23 cents per share.
The main reasons for the sharp increase in profit during the reporting period are: first, benefiting from a favorable operating environment in the storage tank leasing market, a significant increase in investment income generated by the company's Middle Eastern Fujairah Oil Storage Company and European Vesta Terminal B.V. (not including the Vesta valuation loss described below); second, interest rates on Hong Kong dollars and US dollar deposits rose year-on-year, which led to a significant year-on-year increase in the Group's financial revenue; third, the company confirmed a valuation loss of about HK$261 million to PT. West Point Terminal's equity reserve of about HK$630 million led to a decline in profits attributable to equity holders in 2022.
Taking into account the Group's cash flow situation and future development needs, the board of directors proposed a cash dividend of HK25 cents per share for the full year of 2023, after deducting the cash dividend of HK10 cents per share already distributed in the interim period. The recommended distribution of a cash dividend of HK15 cents per share for the end of 2023, an increase of 25.00% over the previous year.