On March 22, GLONGHUI | MI Energy (01555.HK) announced that for the year ending December 31, 2023, total revenue was approximately RMB 1,036 million, down 27.6% year on year; EBITDA was approximately RMB 678 million, down 80.6% year on year; adjusted EBITDA was approximately RMB 683 million, down 27.9% year on year; and basic loss per share was RMB 0.05 yuan.
The Group's revenue mainly comes from the sale of oil and gas products and services. The Group's oil and gas sales revenue all come from China's oil fields, which decreased from RMB 1,429 billion to RMB 394.1 million or 27.6% in the 2022 fiscal year to RMB 1,0349 million in the 2023 fiscal year, mainly due to lower oil prices and net crude oil sales. The average realized oil price for the 2023 fiscal year was 78.89 US dollars per barrel, and net crude oil sales were 1.9 million barrels; while the average realized oil price for the 2022 fiscal year was 93.97 US dollars per barrel, and net crude oil sales were 2.3 million barrels.