Yanchang Petroleum International (00346) announced the results for the year ended December 31, 2023. The group achieved...
According to the Zhitong Finance App, Yanchang Petroleum International (00346) announced results for the year ended December 31, 2023. The group achieved revenue of HK$27.743 billion during the period, a year-on-year decrease of 7.33%; profit attributable to company owners was HK$218 million, while company owners should have accounted for a loss of HK$200 million; basic profit per share was HK$19.89 cents.
According to the announcement, Novus operates oil and gas exploration, extraction and production business in western Canada. In the year under review, Novus achieved oil and gas sales of 1,093 million equivalent barrels and contributed revenue of HK$502 million, compared to last year's sales volume of 808,000 equivalent barrels and revenue of HK$444 million. Despite fluctuations in oil prices in 2023, the exploration, mining and operation business achieved operating profit of HK$33.431 million compared to 2022.
Due to a decrease in sales volume from 3.6 million tons last year to 3.42 million tons this year, revenue from oil and by-products trading business in China decreased from HK$29.492 billion last year to HK$27.241 billion this year, and sales prices have decreased. In the year under review, the supply and procurement business generated an operating loss of HK$118 million, compared with an operating loss of HK$787 million in 2022.