Operating Profit of Oil and By-product Trading Business in the PRC Increased by 42.5% to nearly HK$82 million
Financial Highlights:
Overall revenue amounted to approx. HK$19.8 billion (2020: HK$27.2 billion)
Profit of the year reached approx. HK$358 million (2020: loss of approx. HK$793 million)
Operating profit of the exploration, exploitation and operation business increased significantly to HK$23.91 million (2020：loss of approx. HK$68.24 million)
Novus’ sales volume of oil and gas amounted to 482,000 BOE, contributed revenue of approx. 200 million (2020: approx. 95.83 million)
Operating profit of the oil and by-product trading business in the PRC increased by 42.5% yoy to approx. HK$81.69 million (2020: HK$57.34 million)
HONG KONG SAR – Media OutReach – 25 March 2022 – Yanchang Petroleum International Limited (“Yanchang Petroleum International” or the “Company”, together with its subsidiaries, the “Group”; Stock Code: 00346) today announces its audited annual results for the year ended 31 December 2021 (“year under review”).
Starting from the second half of 2021, the petroleum market underwent changes from oversupply to undersupply, resulting in international oil prices rebounding significantly. As the pandemic subsided, the vaccination rate of major economies in Europe and the USA significantly increased and lockdown measures were gradually lifted, leading to a robust demand in the overall oil market. Yanchang Petroleum International seized the opportunity to position its upstream business in advance while optimizing the operation efficiency of the oil and gas business chain. Consequently, it had recorded its best performance in the past seven years, successfully achieving a profit turnaround. During the year under review, the Group’s revenue mainly derived from the oil and gas production business in Canada and the oil and by-products trading business in the PRC, with the overall revenue reaching approximately HK$19.8 billion (2020: HK$27.2 billion). The profit of the year amounted to approximately HK$358 million, as compared to the loss of approximately HK$793 million in 2020. The Board does not recommend the payment of any dividends for the year ended 31 December 2021.
Upstream oil and gas production business in Canada
Novus Energy Inc. (“Novus”) is engaged in Novus is engaged in the business of exploration, exploitation and production of oil and natural gas in Western Canada. During the year under review, Novus achieved sales volume of oil and gas of 482,000 barrel of equivalent (“BOE”) and contributed revenue of approximately HK$200 million as compared to sales volume of 463,000 BOE and revenue of approximately HK$95.83 million in 2020.
During the year under review, the operating profit of the exploration, exploitation and operation business amounted to approximately HK$23.91 million, as compared to an operating loss of HK$68.24 million in the past year. In the first half of 2021, Novus restarted the operation of its long-clos wells, increased its production volume and made reasonable inventory adjustment according to oilfield operation in a bid to control costs and optimize economic benefits. During the year under review, the net drilling by Novus was 33 wells, and Novus had 427.2 horizontal wells and 71.8 vertical wells in production as of 31 December 2021. With the local government gradually lifting the pandemic-related lockdown measures, the staff at the Novus site strived to cut down costs while keeping as many wells in normal operation as possible. The operating expenses in 2021 were CAD9.30 million in total, slightly up by CAD270,000 as compared with CAD9.03 million in the same period last year.
Downstream Oil and By-product Sales Business in the PRC
During the year under review, due to a decrease in sales volume from 6.36 million tonnes in 2020 to 4.89 million tonnes in 2021, the revenue of oil and by-products trading business in the PRC was HK$19,577 million, contributing a segment operating profit of approximately HK$81.69 million, which represented an increase of 42.5% year-on-year.
Henan Yanchang Refined Oil Business
Benefited from the outstanding performance in oil distribution, external sourcing and terminal development of Henan Yanchang Petroleum Sales Co. Limited (“Henan Yanchang”), the business of Henan Yanchang has achieved consistent growth. During the year under review, Henan Yanchang sold a total of 4.095 million tonnes of refined oil, achieved operating income of approximately RMB23.36 billion with total operating profit of approximately RMB31.141 million.
For oil distribution, Henan Yanchang actively developed regional markets such as Ningxia, Sichuan, Gansu and Qinghai, and developed 7 new customers during the year under review. In addition, Henan Yanchang leased oil tanks through the co-operation with Sinopec to balance market fluctuations while expanding sales channels. For external sourcing, Henan Yanchang continued to deepen the cooperation with its customers, actively expanded its business in Ningxia, Hubei and Henan, and acquired 19 new customers and 35 suppliers; Henan Yanchang also completed the upgrading and transformation of three gas stations in Xiangcheng and put them into operation. It recorded the highest intraday retail sales volume of over 22.5 tonnes, and signed contracts with two direct supply gas stations in Ningxia region.
Yanchang Zhejiang Oil and By-product Business
Yanchang Petroleum (Zhejiang FTZ) Ltd. (“Yanchang Zhejiang”) recorded oil and by-products product sales volume of 1.12 million tonnes in 2021, representing a year-on-year increase of 236%. The sales revenue was RMB3,760 million, including sales revenue realized from domestic raw oil trade off RMB 2,888 million, and revenue from factory finished product sales of RMB872 million. The operating profit in 2021 was RMB 19.93 million and receivables recovery rate was 100%.
Due to the emergence of the new mutant virus strains and USA working with many other countries to release the countries’ oil reserves to the market in an attempt to suppress the rising oil prices, the uncertainties in the market had been increased. Zhejiang Yanchang took the approach of pre-price setting to actively mitigate risks while safeguarding the price and quality of imported raw materials. In addition, in view of the implementation of the new taxation policy, which raised the procurement cost of the products including diluted asphalt and other products, the demand on the corporations’ cash flow was increased.
Mr. Feng Yinguo, Chairman of Yanchang Petroleum International, said, “Going forward in 2022, the global energy crisis may continue to escalate in the first half of the year. The geopolitical conflicts have profoundly shaken the global energy landscape, which may result in high volatility in international oil prices. The surging oil prices may prompt most countries to accelerate the pace of energy transition. The Group will continue to strengthen its investments in technology, capital and management, while adjusting its organizational structure and business model to cope with the Group’s development strategy in a flexible manner, so as to gear up for the challenges in the new round of industry cycle. For our upstream business, we will continue to boost the production and operation of Novus, and to develop the downstream oil and by-product sales business in the PRC, and actively explore the international petrochemical trading business. As an integrated trading and sub-contracted refining company, Yanchang Zhejiang will take the initiative to adjust this operation plan to cope with external changes.”
About Yanchang Petroleum International (Stock Code: 00346)
Yanchang Petroleum International is principally engaged in the following activities (i) exploration, exploitation, and operation of oil and gas; and (ii) fuel oil trading and distribution. In its upstream operations, Yanchang Petroleum International possesses operating oilfields in Saskatchewan and Alberta, Canada, through its wholly owned subsidiary Novus Energy Inc., a Canadian enterprise. Novus engages in the business of acquiring, exploring for, developing and producing crude oil and natural gas. In its downstream operations, Yanchang Petroleum International is principally engaged in wholesale, retail, storage and transportation of oil products through its 70% owned subsidiary, Henan Yanchang Petroleum Sales Co., Limited, and which has been granted valid licenses for distribution and sales of oil products in China. The Group also established oil products trading companies in Zhoushan, Zhejiang and Shenzhen, China, respectively, for expanding its oil products trading business which become a new profit driver.
DUBAI, UNITED ARAB EMIRATES – Media OutReach – 25 March 2022 – Bybit, the world’s third most visited cryptocurrency exchange, said it is investing in technology that will drive revolutionary changes and prepare the world for decentralization.
At a fireside chat and at a panel discussion at the World Blockchain Summit Dubai 2022, Igneus Terrenus, Head of Communications at Bybit, said the centralized exchange was all about getting people behind a decentralized future.
“We run a very successful exchange business, and we are able to invest in projects that will prove to be fundamentally revolutionary. Bybit is the instigator and a major contributor of BitDAO — one of the world’s largest DAO in terms of treasury size. BitDAO has allocated hundreds of million dollars into blockchain gaming with Game7, Layer 2 scaling solutions with zkDAO and blockchain research with EduDAO and eight of the world’s most prestigious universities,” said Igneus Terrenus, Head of Communications at Bybit.
Web3 technologies need to mature before mass adoption could happen. But onboarding more people into the new space will contribute to a better technology stack and more opportunities. Bybit wants to be the provider of the infrastructure for the transition into a blockchain-powered decentralized future. “We see ourselves as a bridging agent to help people of all skill and knowledge levels to access web3 technologies and innovations they could use. We want to bring more people into the space because we truly see the value in that,” said Terrenus.
The World Blockchain Summit global series is organized by Trescon to connect global leaders, thinkers and investors in blockchain and crypto innovations. The 22nd global edition of the Summit was powered by Bybit and took place at Atlantis, The Palm in Dubai on March 23 and 24, 2022.
“Bybit’s core ethos is to support the next level of innovation, talent, and technology development. This is perfectly aligned with our vision to exist at the forefront of technological innovation,” Mithun Shetty, CEO of Trescon said. “We appreciate the support of Bybit, and all the great work we will be able to do because of this partnership,” he added.
About Bybit
Bybit is a cryptocurrency exchange established in March 2018 to offer a professional platform where crypto traders can find an ultra-fast matching engine, excellent customer service, and multilingual community support. The company provides innovative online spot and derivatives trading services, mining and staking products, as well as API support, to retail and institutional clients around the world, and strives to be the most reliable exchange for the emerging digital asset class. Bybit is the proud partner of Formula One racing team Oracle Red Bull Racing, esports teams like NAVI, Alliance, Astralis, and Virtus.pro; German soccer club Borussia Dortmund and Japanese soccer club Avispa Fukuoka.
Kick-start digital marketing with pre-approved PSG vendor, MediaOne
SINGAPORE – Media OutReach – 25 March 2022 – MediaOne is one of Singapore’s award-winning and leading digital marketing agencies that has been recently accredited to be one of the pre-approved digital marketing vendors under the Productivity Solution Grants (PSG). The grant gives support to local businesses to engage digital marketing solutions with industry professionals such as MediaOne as well.
The PSG grant is part of the Budget 2021 to help kick start Singapore’s businesses with digital marketing solutions or technological advancements. Receiving up to 70% funding support, this SME grant allows local businesses to start expanding digitally and tap into international marketplaces.
● The business must operate and be registered in Singapore. ● Local ownership of at least 30%. ● Annual turnover of less than S$100 million (inclusive of GST), with less than 200 employees. ● Singapore citizen, Singapore permanent resident, or Singapore employment/work permit holder. ● All equipment, subscriptions, leases, or purchases must be used in Singapore.
Gain Access to Digital Marketing Solutions with a PSG grant
Serving over 2000 SME and MNC clients and 10 years of experience in the field, MediaOne is known for developing cutting edge machine learning-based solutions that deliver exceptional results for clients. MediaOne’s mission is to be a leading regional digital marketing consultant and business partner to their clients by helping them succeed in the digital world.
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Providing a comprehensive range of services, including Search Engine Optimization (SEO), Search Engine Marketing (SEM), Social Media, as well as website design and development, MediaOne is working towards being a one-stop solution for digital marketing by 2023. By receiving the PSG grant, more entrepreneurs and businesses in Singapore can benefit from their digital marketing services and accomplish more business objectives.
Aside from MediaOne’s effective strategies for digital marketing, they employ a global team of professionals with a wealth of experience. Companies can expect to receive a variety of multi-point views and secure digital marketing techniques that will surely result in a significant improvement for your business.
With MediaOne as a pre-approved PSG vendor, the agency is able to help more local businesses expand their online presence by improving their digital marketing strategies. For those starting out, MediaOne has designed go-to-market packages that accelerate SMEs, regardless of their digital capabilities, to quickly seize market share with affordable pricing.
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MediaOne has been screened through a rigorous review process to ensure assurance to provide high quality and exceptional service. By engaging MediaOne as a pre-approved vendor, this SME grant allows businesses to benefit from a range of quality services, knowledge, and expertise.
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Working with a pre-approved vendor can save up to 70% of their project’s cost. Small and medium-sized businesses (SMEs) can now explore more opportunities for growth online. Together with the PSG grant, MediaOne can now provide a pre-planned digital strategy that suits a wide spectrum of SME business needs.
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GRENOBLE, FRANCE – Media OutReach – 25 March 2022 – Teledyne e2v, the leading hi-rel semiconductor solutions provider, today announces the production release of the space qualified EV12AQ600, the most advanced and versatile quad-core, multi-channel ADC in its portfolio of high-performance products with QML Y space certification.
QML Y certification was defined by a NASA led working group and it was officially published in the latest revision of DLA MIL-PRF-38535. The traditional QML V certification was only compatible with legacy hermetic assembly processes and new generation assembly techniques (such as flip-chip on ceramic) and subsequent manufacturing, screening and qualification flows were not taken into account. Reliability is paramount for products entering space and the QML Y allows space systems manufacturers to benefit from these latest technologies whilst still ensuring that each device produced is carefully verified. Teledyne e2v has actively participated in the QML Y working group.
EV12AQ600 is a QML-Y High Speed Analog to Digital Converter. It supports a sampling rate up to 6.4GSPS – among the highest in the world for space applications. It has a 7GHz analog bandwidth and many nice features like the Cross Point Switch, which transforms the ADC from a 1 to 4 channels, the Sampling Delay Adjust, and an easy multi-chip synchronization feature. It has successfully passed radiation testing up to 150kRad and is already Space-proven.
Nicolas Chantier, Marketing Director says “Because of the functionalities embedded in the EV12AQ600 ADC, space systems manufacturers will be able to simplify their design, reduce the number of components on their boards and benefit from the flexibility of a unique quad input switch. Coming with trusted radiation performance, this will have a significant impact by reducing the size, weight and power (SWaP) and increasing the reconfigurability of next generation space systems.”
Teledyne e2v now accepts orders for engineering and qualification models and flight models of EV12AQ600, including full qualification according to MIL-PRF-38535 class Y.
Teledyne e2v’s innovations lead developments in healthcare, life sciences, Space, transportation, defense and security and industrial markets. Teledyne e2v’s unique approach involves listening to the market and application challenges of customers and partnering with them to provide innovative standard, semi-custom or fully custom solutions, bringing increased value to their systems.
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