HK Stock Market Move | UNITEDENERGY GP (00467) rises more than 3% after profit, Expected annual comprehensive net profit attributable to shareholders is estimated to be approximately HKD 1.4 billion to HKD 1.65 billion.

UNITEDENERGY GP (00467) rose more than 3% after the profit increased, rising by 2.99% to HK$0.345 as of the time of writing, with a trading volume of HK$121.439 million. On the news front, on March 7th, UNITEDENERGY GP announced that it expects to record a net profit attributable to shareholders of approximately HK$14.0 billion to HK$16.5 billion for the year ending December 31, 2024. This is a turnaround from the audited net loss of approximately HK$17.07 billion for the year ending December 31, 2023, mainly due to one-off impairment charges and write-offs for dry wells totaling approximately HK$43.87 billion (after tax) in 2023. The impairment and dry well write-off amounts for 2024 are significantly reduced and the operations are stable for the year.