Beijing Gas Blue Sky 2016 Profit Up Five Times

Beijing Gas Blue Sky Holdings has reported a more than five-old jump in its 2016 net profit and revenue, driven mainly by its natural gas business.

Profit for the year ended December 31 was HK$99.9mn ($12.89mn) compared with HK$17.2mn in 2015. Total revenue was HK$633.8mn versus HK$105.8mn a year ago. The company recorded a total gas sales volume of 285mn m³, 15 times more than in 2015, it said March 29.

In 2016, Beijing Gas continued ramping up its gas operation, with its current business in the China covering eight provinces which include Liaoning, Shandong, Anhui, Zhejiang, Hubei, Guizhou, Sichuan and Hainan.

The company sells natural gas to LNG and CNG vehicles. During the year the sales income of the its refueling gas stations business was HK$75.8mn. It owned a total of 34 stations comprising 16 CNG refuelling stations and 18 LNG refuelling stations for vehicles.

Since the second half of 2015, Beijing Gas has expanded into the CNG and LNG trading and distribution business. It owns 10% equity interest of CNPC's Haikou LNG receiving terminal, distributes LNG with gas sourced ultimately from Cnooc's Ningbo receiving terminal and Sinopec's Dongjiakou receiving terminal.

During the year, the trading and distribution business recorded an income of HK$533.7mn, from three provinces: Anhui, Zhejiang and Shandong. 

Shardul Sharma