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Zhonghua Gas Holdings Limited Announces Third Quarter Results for the Nine Months Ended 30 September 2018

Posted by OilVoice Press - OilVoice

16-Nov-2018


Net Profit Substantially Increased by 1,348.3% to HK$39.1 million

Zhonghua Gas Holdings Limited (the "Company"; Stock Code: 8246) together with its subsidiaries (collective namely the "Group") has announced the third quarter results for the nine months ended 30 September 2018 ("the Current Period"). Revenue of the Group for the Current Period amounted to HK$225.5 million, representing a leap of 75.8% from HK$132.8 million for the Corresponding Period last year. Net profit and total comprehensive income attributable to the owners of the Company recorded a sharp increased by 1,348.3% to HK$39.1 million for the Current Period from HK$2.8 million for the Corresponding Period. Both the increase of revenue and net profit were mainly caused by strong results contribution from its New energy business during the Current Period. Basic and diluted earnings per share for the Current Period was 1.11 HK cents and 1.10 HK cents respectively, as compared to both 0.08 HK cent in the Corresponding Period.

Throughout three years, the Group successfully rolls out its development and expansion of the New energy business through organic growth and acquisition. During the Current Period, the company name was changed to "Zhonghua Gas Holdings Limited" and adopt "Zhonghua Gas Holdings Limited" as the new dual foreign name of the Company, to reflect the intention and determination of the Group to focus on developing the New energy business. The Group will ride on the strong foothold in Tianjin, the People's Republic of China (the "PRC") to expand the market footprint into the whole of the PRC, even extend to the Greater China Region.

In April 2018, the Group entered into a memorandum of understanding with Tractebel Engineering S.A. ("Tractebel") and Tianjin Jinre Heat-Supply Group Co. Ltd ("Jinre Group") for the possible cooperation in the areas of technological and infrastructure related business of the New energy industry. The cooperation was expected to submit a feasible proposal to relevant government agencies in Tianjin on or before 30 September 2018 and the Group signed a supplementary agreement to extend the date to 30 March 2019. It is always the Group's intention to empower itself to expand its business scopes, lift its industry standard as well as improve its service quality through fostering cooperation with both international and domestic resourceful industry players. Therefore, it will continue to seek cooperation with Tractebel and also will reach out to partner with high caliber industry peers to cooperate in different areas of business.

Looking ahead, the Group believes that the government's strong commitment in New Energy state policy will present enormous development opportunities and lay solid foundation for sustainable growth for its New energy business. Group intends to extend its business scopes to develop the supply of liquefied natural gas ("LNG") business, following it obtained a dangerous chemicals business operation license in August this year, the Group maps out execution plans of speeding up to extend its business scopes to develop the supply of LNG via working with LNG suppliers (including overseas suppliers) and has set up a subsidiary to kick off the business. At present, the Group is applying for Gas Business Operation License and prior to obtaining the license, the Group is entitled to rental income and management fee from leasing of the LNG storage tanks and gasification devices from the co-operation partners during the statutory heat supply period in the PRC. The management is working hard to strengthen the team capability and engage suitable and possible cooperation in different areas in order to achieve a more diversified business scope and services, and ultimately develop into a leading diversified and integrated new energy service provider in the Greater China Region.

Regarding the Catering business, the Group will continue to strive to optimize operational efficiency with the implementation of different effective strategies through continuous business integration, in a hope of developing the business steadily. As for property investment, the Group will keep a close eye on any possible premium projects in order to secure long term stable rental income to bring additional income to the Group.



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