Summary by Moomoo AI
United Energy Group Limited announced its annual results for the year ended 31 December 2023 with revenues of HK$13,591,075 thousand, an increase of 26.4% year-on-year. However, due to one-time reserve depreciation of approximately HK$4,185,457,000 (after-tax) and exploration dry well delinquencies of approximately HK$201,156,000 (after-tax), the Company recorded a net loss of approximately HK$1,707,385,000, compared to the previous year's net profit of HK$2,601,162,000, from an operating loss. Gross profit decreased to 32.7% from 51.3% in the previous year, and gross profit amounted to HK$4,439,240 thousand. Profit before interest, tax, depreciation and amortisation decreased 4.1% to HK$8,885,063 thousand. The Group's average equity production during the reporting period was approximately 100,407 barrels of oil, comparable to last year. The Group continues to conduct oil and gas exploration and production activities in Pakistan, the Middle East and North Africa, and has acquired new exploration blocks in Pakistan to expand its exploration reach. The Group's capital expenditure of HK$6,868,844 thousand is used to support exploration, development and engineering projects.
