HK Gas Raises Fees 4.4%, Pledges No Hike for Two Years
RTHK · 2 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong and China Gas (HK Gas) implemented a 4.4% increase in its standard gas fee starting August 1, raising the rate by 1.25 cents per megajoule alongside a HK$1 increase in the monthly maintenance charge to HK$11 . The company's Managing Director Wong Wai-yi explained that while the adjustment takes effect now, actual unit gas prices have fallen over the past three months due to declining raw material costs . He emphasized that predicting future price movements remains difficult given continued uncertainty in the Middle East, and the company has committed to maintaining current prices for two years while coordinating with the government before any changes .
Key Points
- HK Gas reported first-half net profit of HK$3.64 billion, representing a 23% year-on-year increase, with an interim dividend of HK$0.12 per share
- Residential gas sales volume declined 3.5% year-on-year in the first half, though the drop narrowed to 2.9% by mid-August due to increased consumption during rainy months
- Management expects full-year profit to achieve high single-digit growth, supported by commercial gas usage from hotels and Kai Tak Sports Park activities
- The Northern Metropolis development is projected to add 1.5 million new residents, potentially driving a 15-16% increase in gas sales
- Group revenue rose 7.31% to HK$29.526 billion, boosted by improved price pass-through mechanisms on the mainland and a 6% appreciation of the renminbi