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CITIC Resources Announces its 2024 Interim Results

July 27, 2024
in News
CITIC Resources Announces its 2024 Interim Results
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HONG KONG, July 26, 2024 – (ACN Newswire) – CITIC Resources Holdings Limited (hereinafter referred to as the CITIC Resources or the Company, or the Group when its subsidiaries are included; Stock Code: 1205.HK) announces its unaudited interim results for the six months ended 30 June 2024 (hereinafter referred to as the “Period”).

Rocketing revenue growth driven by outstanding performance in oil and gas trading operations

The Group’s operating results remained stable during the Period. Driven by the newly created oil and gas trading business, the Group achieved a revenue of approximately HK$3.94 billion (1H 2023: approximately HK$2.04 billion), a substantial year-on-year increase of approximately 93.1%; with its adjusted EBITDA of approximately HK$1.10 billion (1H 2023: approximately HK$1.14 billion) and net profits attributable to ordinary shareholders of the Company of approximately HK$350 million (1H 2023: approximately HK$380 million).

In addition, the Group continued to proactively reduce its US-dollar denominated loans, bringing down its interest-bearing debt ratio to approximately 10.4%, and delivered an annualized return on net assets of approximately 9.1%, having strong and healthy assets.

Continued to deepen oil and gas business  Enhanced the value of assets

During the Period, the Group’s oil and gas business achieved an operating output of 4.722 million barrels, representing a year-on-year increase of approximately 1.1%. Oil and gas production and sales registered operating revenue of approximately HK$730 million (1H 2023: approximately HK$730 million), and contributed a net profit attributable to ordinary shareholders of the Company of approximately HK$340 million (1H 2023: approximately HK$430 million). The oil and gas trading business achieved revenue of approximately HK$2.21 billion (1H2023: not applicable), with a trading volume of approximately 3.35 million barrels.

The Group continued to implement various measures to increase reserves and production, improve quality and maximize efficiency, stabilize the profitability of its oil and gas business and enhance the value of its oil and gas assets. During the Period, the Group facilitated steadily the development of Hainan Block 20 in Yuedong Oilfield, facilitated and implemented the expansion of the Caspian Bitumen Plant, and strived to realize the value of natural gas upon its commercialization in the Lofin Area at minimal cost. Meanwhile, through the continuous introduction of new processes and technologies and the scientific arrangement of production enhancement measures, the Group has been able to consistently promote the improvement of production volume and economic benefits.

Optimized management of overseas projects  Actively protected interests of shareholders

During the Period, the Group’s non-oil-and-gas businesses achieved a net profit attributable to ordinary shareholders of the Company of approximately HK$54.76 million (1H 2023: approximately HK$65.94 million). The Group was committed to promoting the engagement of the metals and mining investment team in the management and shareholders’ affairs of the Portland Aluminium Smelter and Coppabella and Moorvale coal mines joint venture projects, facilitating the optimization of the operation protocols, increasing production capacity and reducing costs. In addition, the Group actively and steadily advanced the share swap transaction between Alumina Limited and Alcoa Corporation and to realize maximization of shareholder interests.

Mr. Hao Weibao, Executive Director, Chairman and Chief Executive Officer of CITIC Resources, said, “In the first half of 2024, affected by prevailing geo-political tensions and weakening economic growth momentum, the macro environment was extremely challenging. Nevertheless, adhering to its three main strategies, namely ‘resolving risks, improving quality and efficiency, and optimizing management and governance’, and the Group adopted effective and refined management measures in all aspects of production and sales, and vigorously promoting applicable new technologies and processes, and building up a technological foundation and cost advantage for sustainable development. Looking forward to the future, the Group will seize industry opportunities through the dual drivers in investment and trading, actively explore investment opportunities in the upstream aluminium business and new energy sectors, and cultivate a second growth curve, promoting the oil trading business to steadily move to an annual trading volume of 10 million barrels. The Group aspires to become an influential listed company specializing in resources and energy with ‘dual drivers in energy and mineral product investment and commodity trading’ to the end of creating yet longer-term value for all stakeholders.”

– End –

For details of the 2024 interim results of CITIC Resources, please refer to the Group’s interim results announcement on the Hong Kong Stock Exchange and the Group’s website.

About CITIC Resources Holdings Limited (Stock code: 1205.HK)

CITIC Resources Holdings Limited has been listed on the Hong Kong Stock Exchange since 1997. Principal activities of CITIC Resources include the exploration, development and production of oil and coal, investments in bauxite mining, alumina refinery and aluminium smelting. CITIC Limited is the largest shareholder with about 60% interest in CITIC Resources.

Topic: Press release summary


Source: CITIC Resources Holdings Limited

Sectors: Metals & Mining, Daily Finance, Daily News, Oil & Gas

http://www.acnnewswire.com

From the Asia Corporate News Network

Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : ACN Newswire – https://en.acnnewswire.com/press-release/english/91960/

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