Citic Resources posts increased revenue, profit up slightly

CITIC Resources Holdings (HKEX: 1205) announced its annual results for the year ended December 31, 2024, reporting a significant increase in revenue, driven by its oil and gas and commodities trading businesses. Revenue jumped to HK$9,497.8 million from HK$3,825.6 million in 2023. The company attributed the revenue growth to increased production in its oil and gas operations and the commencement of its commodities trading business. Profit attributable to ordinary shareholders saw a modest increase of 3.8%, reaching HK$572.6 million, compared to HK$551.8 million in the previous year. The company will distribute a final dividend of HK2.60 cents per ordinary share. As of December 31, 2024, the Group's cash and deposits stood at approximately HK$2,031.4 million.