China Gas profit climbs 14% to $10.48b

This was driven by the gradual recovery of China’s economy.

Hong Kong-listed China Gas Holdings Limited recorded a profit increase of 14% to $10.48b in the year ended March 2021.

The group attributed the profit rise to the gradual recovery of China’s economy as well as China’s efforts in attaining its “Carbon Peak” and “Carbon Neutrality” goals.

“With the implementation of favorable national policies, including the ‘Carbon Neutrality, Carbon Peak’, the ‘No.1 Central Document’, and those related to ‘Smart City’ and ‘Beautiful Village’, the development of the Group is strongly backed by policies,” Liu Ming Hui, Chairman, Managing Director and President of the Group, said.

“The Group will consolidate its existing business edges and accelerate strategy upgrade and business reform and development on that basis.”

Total gas sales volume during the year also increased by 23% to 31.21 billion cubic metre; whilst total revenue grew 17.5% to $69.98b.

The Board of Directors declared payment of an annual dividend of 55 HK cents per share, representing a 10.0% year-on-year growth.

For this year, the Group is looking at leveraging on China’s policies on environmental protection, which forms part of the 14th vie-year plan. Just last February, the Group pioneered the “Smart MicroGrid,” which is deemed to have set the national industry standard.

“We will continue to promote new businesses including the Smart MicroGrid and the Urban Distributed Heating, as well as actively develop new energy businesses with huge market potential, such as hydrogen energy,” Liu said.

The group will also continue to strengthen comprehensive planning in the new energy arena and innovative energy technologies development as well as execute digital transformation strategy to realize its “Cloud-based China Gas, Digitalized China Gas, Smart China Gas” vision.