China Res Gas 2025 Profit Falls 13.2% Amid 4.8% Revenue Dip; Full-Year Dividend Steady at HK$0.95

China Res Gas released its audited results for the year ended 31 December 2025, posting revenue of HK$97.73 billion, down 4.8% year-on-year. Profit attributable to shareholders declined 13.2% to HK$3.55 billion, while basic earnings per share retreated to HK$1.55 from HK$1.80 in 2024.

Gross profit slipped 4.6% to HK$17.42 billion, though gross margin held at 17.8%. Finance costs fell 13.8% to HK$0.64 billion, and share of results from joint ventures and associates totalled HK$0.55 billion, below last year’s HK$0.75 billion.

The board recommended a final dividend of HK$0.65 per share, keeping the full-year payout flat at HK$0.95 per share.

Operationally, total natural-gas sales edged up 0.7% to 40.18 billion cubic metres (bcm). Industrial demand accounted for 20.48 bcm (51.0% of total), commercial 8.31 bcm (20.7%), and residential 10.53 bcm (26.2%). The group connected 37 thousand new industrial & commercial users and 2.15 million residential users during the year, lifting average city-gas project gasification to 62.8%.

Segment analysis shows: • Sale & distribution of gas contributed HK$84.66 billion revenue and HK$8.05 billion profit. • Gas connection revenue dropped to HK$6.04 billion, generating HK$1.90 billion profit. • Comprehensive services booked HK$3.99 billion revenue with profit of HK$1.41 billion. • Gas-station sales came in at HK$2.60 billion.

Total assets closed at HK$136.41 billion, while equity attributable to owners increased 7.3% to HK$44.18 billion. Net current liabilities widened slightly to HK$24.93 billion, but the group held HK$51.84 billion in undrawn banking facilities and HK$7.69 billion in cash. Year-end borrowings stood at HK$23.70 billion, of which HK$15.48 billion is due within 12 months.

Operating cash flow reached HK$6.58 billion, enabling continued capital investment of HK$5.91 billion in non-current assets. Both Moody’s and Fitch reaffirmed the company’s ratings at A2 and A- respectively during the year.

Management highlighted ongoing network integration under the “One City, One Network” strategy, the signing of six new city-gas projects, and the first international long-term LNG contract. Integrated-energy sales rose 3.9% to 3.89 billion kWh, with cumulative installed capacity of 3.56 GW.

Looking ahead, the group plans to deepen cooperation with strategic suppliers, enhance gas-storage and peak-shaving capacity, and expand low-carbon integrated-energy offerings in line with China’s green-development agenda.