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Kunlun Energy Company (135) investor relations material
Kunlun Energy Company H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue increased 4.97% year-over-year to RMB 97.54 billion, driven by higher natural gas sales volume, while net profit attributable to shareholders declined 4.36% to RMB 3.16 billion.
Retail gas sales volume rose 2.23% year-over-year to 16.67 bcm, with 399,000 new users added, reaching 16.85 million users; total natural gas sales volume up 10.05% to 29,095 million cubic metres.
Free cash flow was RMB 3.06 billion, supporting long-term value growth.
Interim dividend declared at RMB 16.60 cents per share, up 1.16%, with a payout ratio of 45.47%.
Earnings per share (basic) decreased 4.35% to RMB 36.51 cents.
Financial highlights
EBITDA decreased 3.95% year-over-year to RMB 9.52 billion; profit before tax fell 7.06% to RMB 6.74 billion.
Capex dropped 31.6% year-over-year to RMB 1.93 billion.
Gearing ratio improved to 18.32% from 21.46% at year-end.
ROE at 4.7%, net profit margin at 3.2%, and asset-liability ratio at 35.3%.
Employee compensation costs fell 10.07% to RMB 2,850 million; interest expenses decreased 21.41% to RMB 323 million.
Outlook and guidance
Global natural gas demand expected to grow slowly in H2 2025 amid economic pressures and supply chain fragility.
Domestic market faces structural adjustments and intensified competition, but long-term fundamentals remain positive.
Strategic focus on urban gas expansion, LNG/LPG profitability, green transformation, and digital upgrades.
Targeting 600,000–700,000 new connected users and 10 new urban gas projects.
LNG terminal utilization rate guidance at 85–90%; LPG sales volume guidance at 5.8 million tons; crude oil equity sales volume at 8 million barrels.
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