AAG Energy profit climbs over 21% to US$58.89m in H1

Its revenue and other income amounted to RMB839m (US$129.68m) during the period.

AAG Energy Holdings Limited reported its profit grew 21.98% to RMB381m, approximately US$58.89m, in the first half of the year.

Revenue and other income over the period amounted to RMB839m (US$129.68m), which is higher by 33.15%.

The company noted its growth was supported by the prevention and control measures implemented during the pandemic, as well as the rebounding economy of China that led to stronger demand for gas across industries.

“The importance of natural gas as a clean energy source has again captured the spotlight with the country adopting the “dual-carbon” goal and at the increase in pressure to protect the environment,” AAG Energy said in a statement.

The gross production over the period grew 31.94% year-on-year to 617 million cubic meters (MMCM).

This includes the Panzhang concession’s gross production up 30.10% year-on-year (YoY) to 569 MMCM and the Mabi concession’s gross production up 58.23% YoY to 48 MMCM.

The gross sales volume of the group in the first half of 2021 increased by 30.06% YoY to 589 MMCM.

Of this, the realized average selling price of output of the Panzhuang concession increased by 11.56% YoY to RMB1.64 (US$0.25) per cubic meter, and of the Mabi concession was RMB1.39 (US$0.21) per cubic meter, which remained the same against the same period last year.