United Energy Group Full Year 2024 Earnings: Revenues Beat Expectations, EPS Lags

United Energy Group (HKG:467) Full Year 2024 Results

Key Financial Results

• Revenue: HK$17.5b (up 29% from FY 2023).
• Net income: HK$1.56b (up from HK$1.71b loss in FY 2023).
• Profit margin: 8.9% (up from net loss in FY 2023).
• EPS: HK$0.06 (up from HK$0.065 loss in FY 2023).

467 Production and Reserves

• Proven reserves: 112.2 MMbbls.

• Proven reserves: 278.4 Bcf.

• Oil equivalent production: 24.117 MMboe.

All figures shown in the chart above are for the trailing 12 month (TTM) period

United Energy Group Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) missed analyst estimates by 54%.

The primary driver behind last 12 months revenue was the Exploration and Production segment contributing a total revenue of HK$9.86b (56% of total revenue). Notably, cost of sales worth HK$14.2b amounted to 81% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to HK$833.4m (48% of total expenses). Explore how 467's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to stay flat during the next 2 years compared to a 2.5% growth forecast for the Oil and Gas industry in Hong Kong.

Performance of the Hong Kong Oil and Gas industry.

The company's shares are up 4.9% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 2 warning signs for United Energy Group that you need to be mindful of.

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