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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.
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H1 2025 earnings summary19 Aug, 2025

Executive summary

  • Retail/natural gas sales volume increased year-over-year, reaching 16.67–29.10 bcm, with 399,000 new users added and total users exceeding 16.85 million.

  • Revenue rose 4.97–5.0% year-over-year to RMB 97.54 billion, while net profit attributable to shareholders declined 4.3–4.36% to RMB 3.16 billion.

  • Interim dividend declared at RMB 16.60 cents per share, with payout ratio guidance of 43–45.47% for 2025.

  • Profit before income tax fell 7.06% to RMB 6.74 billion; earnings per share (basic) decreased 4.35% to RMB 36.51 cents.

  • Free cash flow was RMB 3.06 billion, supporting long-term value growth.

Financial highlights

  • EBITDA decreased 3.95–4.0% year-over-year to RMB 9.52 billion.

  • Free cash flow was RMB 3.06 billion, down 2.8% year-over-year.

  • Capex dropped 31.6% year-over-year to RMB 1.93 billion.

  • Gearing ratio improved to 18.3–18.32% from 21.5–21.46% at year-end.

  • Employee compensation costs fell 10.07% to RMB 2.85 billion; interest expenses decreased 21.41% to RMB 323 million.

Outlook and guidance

  • Retail natural gas sales volume expected to grow by 5% in 2025, with 600,000–700,000 new users targeted.

  • 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.

  • Strategic focus on urban gas expansion, LNG/LPG profitability, green transformation, and digital upgrades.

  • Global and domestic gas demand faces slow growth and competition, but long-term fundamentals remain positive.

  • Plans to increase terminal projects, optimize sales structure, and implement new energy initiatives.

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Frequently asked questions

Kunlun Energy Company Limited, established in 1994, is a state-owned enterprise operating in the oil and natural gas exploration industry. It was formerly known as CNPC (Hong Kong) Limited and transitioned to its current name following a backdoor listing in 1993. The company, a subsidiary of China National Petroleum Corporation, is involved in the exploration, development, and production of crude oil and natural gas. Kunlun Energy operates across several countries, including China, Kazakhstan, Oman, Peru, Thailand, Azerbaijan, and Indonesia. The company is headquartered on Hong Kong Island, Hong Kong, and its shares are listed on the SEHK.

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