China Resources Gas Group Limited (CR Gas) reported a solid first-half performance for the six months ended 30 June 2026, marked by steady top-line growth and resilient profitability despite a challenging macro backdrop.
Financial highlights • Revenue rose 5.2 % year on year to HK $53.38 billion, driven mainly by the core “sale and distribution of gas fuel and related products” segment, which contributed HK $47.84 billion. • Profit attributable to owners edged up 1.0 % to HK $2.43 billion; basic EPS remained flat at HK $1.06. • Gross profit improved 5.0 % to HK $9.12 billion, while finance costs increased marginally to HK $0.32 billion. • Operating cash flow reached HK $3.45 billion, underpinning the group’s liquidity alongside HK $25.94 billion of unutilised bank facilities.
Operational metrics • Total natural-gas sales volume in mainland China advanced 0.5 % to 20.86 billion m³; industrial demand accounted for 46.5 %, residential 29.3 %, and commercial 22.4 %. • Connected customer base expanded 3.3 % to 63.37 million. • Segment profit performance: – Sale & distribution of gas: HK $4.33 billion (+5.6 %) – Gas connection: HK $0.76 billion (-9.6 %) – Comprehensive services: HK $0.67 billion (+13.3 %) – Design & construction: HK $0.03 billion (+0.8 %) – Integrated energy services: HK $0.19 billion (+17.7 %)
Balance-sheet and financing Total assets stood at HK $147.72 billion, with equity of HK $71.97 billion. Although current liabilities exceeded current assets by HK $22.68 billion, management cited substantial unused credit lines and a post-period RMB2.50 billion (HK $2.89 billion) medium-term note issuance as support for ongoing liquidity. Net capital expenditure on property, plant and equipment reached HK $3.05 billion.
Capital management During the period the company repurchased 37.85 million shares for HK $698.18 million; the shares have not yet been cancelled. Moody’s and Fitch maintained CR Gas’s ratings at A2 and A-, respectively.
Dividend The board declared an interim dividend of HK $0.30 per share, unchanged from a year earlier, payable on 2 November 2026 to shareholders on record as of 16 September 2026. Investors may elect to receive the dividend in Renminbi at an exchange rate of HKD1 : RMB0.86531.
Outlook Management expects domestic gas demand to improve gradually amid China’s ongoing industrial upgrade and green transition. CR Gas plans to deepen its core city-gas franchise, scale comprehensive services, and accelerate integrated energy projects—areas that delivered double-digit growth in the first half—to support long-term sustainable development and shareholder returns.
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