CHINA RESOURCES GAS GROUP LIMITED (CHINA RES GAS) released its 2026 interim report, highlighting steady top-line growth amid challenging market conditions.
Revenue and Earnings • Group revenue reached HK$53.38 billion for the six months ended 30 June 2026, a 5.2 % increase from HK$50.72 billion a year earlier. • Gross profit grew 5.0 % to HK$9.12 billion, maintaining a margin of 17.1 %. • Profit attributable to owners edged up 1.0 % to HK$2.43 billion; net profit margin stood at 6.4 %. • Operating cash flow after tax improved 14.5 % to HK$3.45 billion.
Segment Performance • Sale and distribution of gas fuel generated HK$47.84 billion revenue. • Gas connection services contributed HK$2.54 billion; comprehensive services HK$1.63 billion; design & construction HK$0.32 billion; integrated energy services HK$1.05 billion.
Operational Metrics • Gas sales volume in H1 2026 totalled 20.86 billion m³. • Connected customers increased 3.3 % year-on-year to 63.37 million. • Pipeline network length reached 334,000 km.
Balance Sheet and Liquidity • Total assets rose 8.2 % to HK$147.72 billion; total equity advanced 5.6 % to HK$71.97 billion. • Bank balances and cash rose to HK$8.90 billion, while total borrowings stood at HK$23.35 billion, implying a debt-to-asset ratio of 18.5 %. • Both Moody’s and Fitch maintained credit ratings at A2 and A- respectively.
Dividend • An interim dividend of HK$0.30 per share was declared, unchanged from the prior-year period, payable on 2 November 2026 to shareholders on record as of 16 September 2026.
Financing Activities • CR Gas Investment (China) issued RMB3.50 billion (HK$4.04 billion) of unsecured medium-term notes in January and April 2026 at coupon rates of 1.59 %–1.71 %. • Post-period, on 7 August 2026, an additional RMB2.50 billion (HK$2.89 billion) of medium-term notes was issued to refinance existing bank loans.
Strategic Developments • Two city-gas projects were acquired and integrated during the period, expanding the concession footprint to 275 projects across 25 provinces. • The integrated energy segment added 22 charging stations in Hong Kong and launched its first overseas super-charging station in Bangkok. • Total installed capacity in integrated energy reached 3.75 GW across 1,756 operational projects.
Capital Expenditure and Commitments • HK$3.05 billion invested in property, plant and equipment, primarily for pipeline construction. • Outstanding capital commitments at period-end amounted to HK$43.82 million.
Governance and ESG • The Board reaffirmed its ESG framework, maintaining robust ratings and advancing carbon-management initiatives aligned with China’s dual-carbon goals.
Outlook The company anticipates continued industry volatility but plans to sustain growth through organic expansion, targeted acquisitions, cost management, intelligent operations, and further development of integrated energy and international businesses.