Towngas income up 2% in 2024

Thanks to its city-gas and renewable energy units.

The Hong Kong and China Gas Company Limited (Towngas) has reported a profit attributable to shareholders of $5.668b in 2024, up 2% from the previous year.

In a statement, the company said this was recorded before property revaluation was accounted for. After including this and other non-operating gains and losses, profit attributable to shareholders amounted to $5.712b.

Towngas’ revenue during the year reached $55.473b, with its core operating profit increasing by 5% to $5.955b.

Last year’s growth was fuelled by Towngas’ city-gas and renewable energy businesses.

Overall, gas sales volume increased by 0.1% last year. Specifically, the city-gas business on the Chinese mainland recorded a 5% increase in its sales volume, reaching 36.4 billion cubic metres.

Meanwhile, its subsidiary Towngas Smart Energy Company Limited reported a 34.5% growth in its core operating profit to reach $1.601b. Its renewable energy business saw a fivefold surge in net profit, contributing $322m.

The company’s sustainable aviation fuel plant under construction in Malaysia will commence production in the third quarter of 2025, adding new annual production capacity of 300,000 tonnes. Meanwhile, the new green methanol plant, in collaboration with Foran Energy Group Company Limited, will begin construction in mid-2025, with initial annual production capacity to reach 200,000 tonnes by 2028.

Towngas’ total dividend payout for the whole year will be $0.35 per share.