Towngas says tourism rebound, incoming mainland talent will drive sales in 2025

Hong Kong and China Gas (Towngas) said a tourism rebound and incoming talent from the mainland would drive sales this year, as the city’s sole gas provider seeks new opportunities for growth.

On Wednesday, the company said its full-year net income fell 8 per cent to HK$5.7 billion (US$733.6 million) from HK$6.1 billion a year earlier. Analysts polled by Bloomberg expected a profit of HK$6.2 billion. The company said its core operating profit increased 5 per cent to HK$5.9 billion.

Revenue for the year fell 2.6 per cent to HK$55.5 billion; analysts expected HK$57.7 billion.

“Looking ahead to the new year, we expect gas sales in Hong Kong to maintain steady growth as the city’s tourism industry rebounds, and as initiatives such as the Top Talent Pass Scheme bring in tens of thousands of people,” said co-chairmen Peter Lee Ka-kit and Martin Lee Ka-shing in a statement.

Towngas’ overall gas sales volume in Hong Kong increased 0.1 per cent last year after a decline in 2023 due to above-average temperatures and residents spending more time out of the city.

Gas sales in 2024 were affected by record temperatures and more residents travelling to the mainland, the company said. On an earnings call, managing director Peter Wong Wai-yee said the increase in gas sales was attributable to a recovery in the hospitality and aviation industries.

He said the development of the Northern Metropolis, a planned IT hub in the northern New Territories near the border with mainland China, was expected to boost gas sales and create new opportunities for the company.

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