China Resources Gas reports 6.9% rise in H1 sales

China Resources Gas

25/08/2023 11:00

SINGAPORE, Aug 25 (Reuters) - China Resources Gas Group
Ltd  1193.HK , one of the country's leading city-gas
distributors, said on Friday its total gas sales during the
first half of 2023 rose 6.9% year-on-year as the group reported
a 16.4% rise in interim profit.  
    Revenue during the period totalled HK$48.37 billion ($6.17
billion), up 0.6% from the corresponding period a year earlier,
and the profit attributable to shareholders rose 16.4% to
HK$3.55 billion, the company said in a filing with the Hong Kong
Stock Exchange.
    Of its total gas sales of 19.84 billion cubic metres (bcm),
the residential sector led the growth with sales volumes up 12%
on the year at 5.4 bcm, followed by the commercial sector, up
6.9%.
    Industrial gas sales, the biggest sector user accounting for
nearly 47% of the total, rose 4.9% year-on-year to 9.31 bcm.
    The company also said it added 1.34 million residential
users during the period.  
    On Thursday, privately controlled gas distributor ENN Energy
 2688.HK  reported a 6.9% decline in total gas sales volumes
which the company attributed to high gas prices and subdued
domestic demand.
    Industry officials and analysts expected revenue and profits
at city-gas utilities like ENN and China Resources to benefit
from recent reforms to residential gas prices.
    Since June, more than 30 Chinese cities and several
provinces have taken steps to liberalise residential natural gas
pricing, allowing prices to rise and enabling distributors to
more evenly pass on procurement costs to households. 

($1 = 7.8430 Hong Kong dollars)


($1 = 7.8407 Hong Kong dollars)

 (Reporting by Chen Aizhu; Editing by Susan Fenton)
 ((aizhu.chen@thomsonreuters.com; Reuters Messaging:
aizhu.chen.reuters.com@reuters.net))