HONG KONG, Mar 19, 2013 - (ACN Newswire) - NewOcean Energy Holdings Limited ("NewOcean Energy" or the "Group;" stock code: 00342), one of the fastest growing energy suppliers in the Southern China region, announced the audited results for the year ended 31 December 2012 (the "year").
Financial Highlight
-- Revenue increased by 23.1% to HK$12,456 million for
continuing operations, and increased by 33.1% to
HK$13,462 million including discontinued operations
-- Profit for the year attributable to the owners of the
Company increased by 39.3% to HK$427 million for
continuing operations, and increased by 164.9% to
HK$810 million including discontinued operations
-- Total equity increased by 40% to HK$2,585 million while
long term borrowings reduced by 58.1% to HK$187 million.
The gearing ratio reduced from 0.24:1 to 0.07:1.
Turnover and profit attributable to the owners of the Company for the year from the continuing operations were approximately HK$12,456,376,000 and approximately HK$426,617,000, representing an increase of 23.1% and 39.3% respectively as compared to that of 2011. Including the discontinued operations, the Group recorded a total turnover of approximately HK$13,462,296,000, representing an increase of 33.1% (2011: approximately HK$10,116,643,000). Profit attributable to the owners of the Company for the year was approximately HK$810,934,000, representing an increase of 164.9% (2011: approximately HK$306,159,000). Basic earnings per share from the continuing operations were HK32.67 cents, representing an increase of 39.3% comparing to that of 2011. Including the discontinued operations, total basic earnings per share for 2012 were HK62.1 cents, representing a leap of 164.9% (2011: HK23.45 cents).
The Directors have recommended a final dividend of HK3.8 cents per share (2011: HK2.3 cents per share).
Mr Lawrence Shum, Managing Director of NewOcean Energy, said, "In 2012, NewOcean Energy's Liquefied Petroleum Gas ("LPG") business continued to expand into the downstream market. The acquisition of Guangzhou autogas refueling project was fully completed in January 2012. During the year, the business of Lianxin's 17 autogas refueling stations was fully consolidated into the Group's accounts. As a result, we made another remarkable achievement with substantial profit increase. In addition, NewOcean Energy has started to provide marine bunkering service in Hong Kong since May 2012. A customer base of certain size is expected to be established before the completion of Zhuhai oil storage depot construction works, ensuring a considerable turnover rate upon commencement of operation of the oil storage depot, for the oil products business to lower our operation costs and increase our profitability."
LPG Business
LPG sales volume of the Group for 2012 amounted to about 1,676,000 tons, representing an increase of 15.6% as compared with about 1,450,000 tons for 2011. The average LPG market price in 2012 was around 10% higher than that in 2011, driving LPG turnover for the year up by 26.1% to approximately HK$11.57 billion (2011: approximately HK$9.17 billion). The LPG gross profit for 2012 was roughly HK$923 million (2011: HK$557 million). The gross margin of LPG business for 2012 increased to 8.0% from 6.1% for 2011, mainly driven by the new autogas refueling business and the significant increase in sales to industrial customers. LPG business accounted for about 85.9% of the Group's total turnover (2011: about 90.7%).
Oil Product Business
In about 8 months of operation, the Group supplied fuel oil of about 200,000 tons, and recorded a turnover of approximately HK$1.0 billion and a gross profit of approximately HK$38.7 million (Gross margin: 3.9%). The marine bunkering business in Hong Kong not only generated additional income to the Group in the year, but also built a business network outside of mainland China which the Zhuhai oil storage depot can tap into in addition to its local clientele. Upon commencement of operation, Zhuhai oil storage depot can privet on the enlarged network to increase its business volume and enhance its operation efficiency. The oil products business accounted for 7.5% of the Group's total turnover in 2012. The oil products business has become another key development area of the Group in the future.
Looking ahead, Mr Shum said, "The overall operation in 2012 shown clearly the development plan of the Group to become a major supplier of energy products in the region. The LPG business has obviously attained a considerable scale of operation, and has entered the harvest cycle, contributing remarkable profit to the Group. With strong momentum, the newly established oil products business is expected to exhibit faster growth than the LPG business. It is a reasonable expectation that the sales volume of oil products business would surpass that of LPG business in the next few years, and generate enormous profit to the Group."
"The Group will still focus on the diversified business development in South China in the near future. In view of such a large energy market, the Group is vigorously developing its oil products and natural gas businesses apart from continuously expanding its LPG retailing business, to promote the Group to become one of the major suppliers of energy products in South China," Mr Shum concluded.
Contact:
NewOcean Energy Holdings Limited
Angeline Wong
Deputy General Manager and Head of Investors Relation
Tel: +852 2866 7556
Email: angelinewong@newoceanhk.com
Strategic Financial Relations Limited
Veron Ng
Tel: +852 2864 4831
Email: veron.ng@sprg.com.hk
Keris Leung
Tel: +852 2864 4863
Email: keris.leung@sprg.com.hk
Sherman Yu
Tel: +852 2114 4956
Email: sherman.yu@sprg.com.hk
Topic: Press release summary
Source: NewOcean Energy Holdings Limited
Sectors: Gas & Oil, Daily Finance, Energy, Alternatives, Daily News
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