Hong Kong & China Gas Co ( (HOKCF) ) has released its Q4 earnings. Here is a breakdown of the information Hong Kong & China Gas Co presented to its investors.
The Hong Kong and China Gas Company Limited, also known as Towngas, is a leading utility company in Hong Kong and mainland China, primarily involved in the production, distribution, and marketing of gas, water supply, and renewable energy solutions. The company is recognized for its extensive customer base and commitment to sustainable energy development.
In its 2024 earnings report, Towngas highlighted a robust performance across its utility and renewable energy sectors. The company reported an annual revenue of HK$55,473 million, with a 5% increase in core operating profit to HK$5,955 million. Despite challenges such as global economic instability and extreme weather conditions, the company managed to maintain steady growth in its core operations.
Key financial metrics included a significant 34.5% increase in core operating profit from its city-gas and renewable energy businesses. The mainland city-gas business saw a 5% increase in sales volume, driven by urbanization and technological advancements. The renewable energy sector, particularly through Towngas Smart Energy, recorded a fivefold increase in profit, underscoring the company’s strategic focus on green energy.
Looking forward, Towngas remains optimistic about its growth prospects, with plans to expand its renewable energy projects and enhance its utility services. The company aims to leverage its extensive customer base and technological advancements to address climate and energy challenges, positioning itself as a key player in the sustainable energy sector.
Overall, Towngas’s strategic initiatives and financial performance in 2024 reflect its commitment to sustainability and growth, setting a positive outlook for the coming year.