On March 25, Gelonghui Gas (01407.HK) announced that revenue for the year ended 31 December 2023 was RMB 404 million, a decrease of 15.1% compared with 2022. The annual net profit was RMB 25.2 million, down 51.5% from 2022. The annual net profit margin was 6.3%, compared to 10.9% in 2022. Basic earnings per share for the year were RMB 0.06, a decrease of RMB 0.09 compared to 2022. The Board recommended a final dividend of HK$0.033 per common share for the year.
In the year, the Group's revenue mainly came from gas sales in Gaomi City. Its main business is pipeline gas sales. At the end of the year, the Group's pipeline gas sales business customers included (a) retail customers, including 145,023 active end users of natural gas in residential pipelines, 369 active end users of natural gas in industrial pipelines, and 4,968 active end users of natural gas in commercial pipelines, which increased (decreased) by about 2.5%, (1.3)% and 21.4% respectively from the end of 2022; and (b) two wholesale customers (operators of natural gas stations in Gaomi City). In the year, the Group's pipeline gas sales volume was about 89.4 million cubic meters, a decrease of about 11.7% compared with the year ended December 31, 2022. At the end of the year, the Group's urban pipeline network included approximately 714.5 km of completed medium pressure pipelines.