|Profit Attributable to the Owners Amounted to HK$37.9 Million|
HONG KONG, Nov 13, 2019 - (ACN Newswire) - Zhonghua Gas Holdings Limited (the "Company"; Stock Code: 8246) together with its subsidiaries (collective namely the "Group") today announces that the results for the nine months ended 30 September 2019 ("the Current Period"). For the Current Period, total revenue from continuing operations recorded a stable year-on-year increase of over 38.2% from HK$186.5 million to HK$251.4 million. Contribution from the New Energy Business has taken up over 99.8% of total revenue for the both period in 2018 and 2019. Profit attributable to the owners of the Company slightly dropped by 0.7% to HK$37.9 million as compared to the Corresponding Period. Basic and diluted earnings per share for the Current Period were HK$1.08 cent (2018: HK$1.11 cent) and HK$1.06 cent (HK$1.10 cent) respectively.
During the Current period, revenues were primarily generated from Liquefied Natural Gas ("LNG") supply and consultancy services in new energy related construction work which accounted for approximately 67.6% and 32.2% of the Group's total revenue respectively.
Entering the last quarter of 2019, the Group is executing strategic plans to expand the business scope and scale of the LNG supply business which has been growing to be one of the key revenue drivers since late 2018. The Group hope to seize further business expansion with extra efforts placed in LNG supply to reach out beyond Tianjin to any potential regions in the PRC; via working closely with local and international LNG suppliers for achieving a diversified product portfolio; and setting up new joint ventures to reinforce LNG supply during the heat supply period and enhance our capability through mergers and acquisitions to cater to any future business needs.
The Group has signed a Memorandum of Understanding ("MOU") with Shanghai Jiulian Group (the "Jiulian Group") on cooperation in area of LNG in October 2019 to form a 60:40 Joint Venture to co-explore end users market in Yangtze River Delta region for maximizing the edges of LNG resources of Jiulian Group while end users resources of the Group. This cooperation enables the Group to expand the scope of its LNG business, and secure the supply of LNG resources, and expand its business to the high potential market in the Yangtze River Delta region. Jiulian Group is a wholly owned subsidiary of Shenergy (Group) Co., Ltd. (the "Shenergy Group") which is a Top 500 enterprises in the PRC and a member company of State-owned Assets Supervision and Administration Commission of Shanghai ("Shanghai SASAC"). Shenergy Group is an investor and contractor for Shanghai's major energy infrastructure as well as supplier for major energy including electricity and gas. In 2018, the scale of its LNG operation reached 9 billion cubic meters, accounting for more than 90% of the market share in Shanghai.
The Group also intends to identify opportunities to develop the construction related and consultancy business, which is also one of the Group's major revenue of sources currently. It will always continue to look for opportunities to venture into business relating to New Energy Business in order to expand the business and market coverage and ultimately to build it into a leading diversified and integrated new energy service provider in the Greater China Region.
Zhonghua Gas Holdings Limited
Zhonghua Gas Holdings Limited is principally engaged in provision of diversified and integrated new energy services including technological development, construction related and consultancy services in relation to heat supply and coal-to-natural gas conversion, supply of Liquefied Natural Gas, coupled with trading of new energy related industrial products. The Group is also engaged in the property investment business.
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Topic: Press release summary
Sectors: Daily Finance, Energy, Daily News, Oil & Gas
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