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Beijing Gas Blue Sky 1H Revenue Up Almost 500% Year on Year

Beijing Gas Blue Sky 1H Revenue Up Almost 500% Year On Year

Beijing Gas Blue Sky Holdings recorded a 1H2017 profit attributable to owners of the company of HK$26.9mn ($3.44mn), representing an increase of 1,116% year on year, and recorded total revenue of HK$681.8mn, which is a growth of 491.4% from the same period a year earlier, it said August 30. 

During 1H2017, total gas sales volumes increased by 441.9% year on year, amounting to 292.1mn m3. The growth was attributable to the further development of existing projects and the acquisition of new projects that were immediately operational.

As at June 30, 2017, the company’s Natural Gas projects covered 10 provinces in the China Provinces, namely Hainan, Anhui, Shandong, Liaoning, Guizhou, Sichuan, Hubei, Zhejiang, Jilin and Jiangsu. Beijing Gas owns a total of 32 gas refueling stations for vehicles and three city gas projects.

During the first half of the year, the volume of natural gas sold to residential users amounted to 5.1mn metres3, with connection fee income of HK$15.5mn, representing an increase of 229.8% year on year.  The company recorded a gas volume of 23mn m3 sold to the industrial and commercial users during the period.

As on June 30, 2017, Beijing Gas owned 18 CNG refueling stations and 14 LNG refueling stations. During 1H2017, the company had a total of 52 natural Gas Tank Trucks compared with 41 natural gas tank trucks in the same period last year. Total trading volumes amounted to over 227.2mn m3, representing a six-fold increase as compared to the corresponding period of last year.

The trading and distribution business recorded a segment profit of HK$2.9mn. The company owns 10% equity interests of CNPC's Haikou LNG receiving terminal, and distributes LNG with gas sourced from CNOOC's Ningbo receiving terminal and Sinopec's Dongjiakou receiving terminal.

Going forward Beijing Gas aims to leverage CNOOC, Sinopec and CNPC's LNG receiving terminals to distribute more low cost imported LNG as a wholesaler and distributor to its own sales outlets. It aims to significantly ramp up its distribution networks along China's coastal areas.

Beijing Gas is an integrated natural gas provider, distributor and operator, with an emphasis on midstream and downstream natural gas development. 

Shardul Sharma

This post first appeared on Natural Gas Asia - Asia's Unconventional Gas And O, please read the originial post: here

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Beijing Gas Blue Sky 1H Revenue Up Almost 500% Year on Year


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