Towngas Reports Strong Growth in Green Energy Sector

Hong Kong & China Gas Co. Ltd. Sponsored ADR ( (HOKCY) ) has released its Q4 earnings. Here is a breakdown of the information Hong Kong & China Gas Co. Ltd. Sponsored ADR presented to its investors.

The Hong Kong and China Gas Company Limited, also known as Towngas, is a leading utility provider in Hong Kong and mainland China, focusing on gas production and distribution, renewable energy, and emerging energy sectors. In its latest earnings report, Towngas highlighted a robust performance in 2024, with significant growth in its green energy businesses and a steady increase in core operating profits. The company’s annual revenue reached HK$55,473 million, with a notable 34.5% rise in core operating profit to HK$5,955 million. Despite challenges such as global economic instability and extreme weather conditions affecting residential gas consumption in Hong Kong, Towngas achieved a slight growth in overall gas sales and continued to expand its customer base on the mainland. The company is actively investing in renewable energy projects, with a fivefold increase in profits from its subsidiary, Towngas Smart Energy, and is advancing its green methanol and hydrogen energy initiatives. Looking ahead, Towngas remains committed to enhancing its core businesses and exploring new energy sources, aiming to maintain steady growth and contribute to global climate change efforts.