- CF Energy (CFY) has filed its interim consolidated financial results
- The company’s core business, natural gas distribution, increased its sales volume by 21 per cent in the first three months of 2021
- The company reported a 1.4 per cent decrease in revenue for the quarter, down from $17.4 million in Q3 2020 to $16.0 million in 2021
- Despite lower third quarter results, the company has seen growth over the first three months of 2021
- CF Energy is a natural gas distribution company operating in China
- Shares in CF Energy Corp. (CFY) are up 13.21 per cent trading at $0.60 per share
CF Energy (CFY) has filed its interim consolidated financial results for the three and nine months leading up to September 30, 2021.
The company’s core business, natural gas distribution, increased its sales volume by 21 per cent in the first three months of 2021. Residential customers contributed a 6 per cent increase, while commercial customers’ gas volume sold increased by 31 per cent year-over-year.
The number of connected new residential customers increased by 13 per cent while new commercial customers increased by 229 per cent on a year-on-year basis.
Liquefied natural gas prices continue to increase in China, which could have a negative impact on CF Energy’s Meishan Project until cheaper pipeline gas can be made available in the latter part of 2022, said the company.
Management has gained daily operating experience as the company grows its EV battery swap station business. At such an early stage of entering the industry, CF Energy expects business to grow quickly in the next few years.
Third-quarter financials decreased across the board. The company reported a 1.4 per cent decrease in revenue for the quarter, down from $17.4 million in Q3 2020 to $16.0 million in 2021.
Despite lower third-quarter results, the company has seen growth over the first three months of 2021 compared to the same period of 2020. Revenue increased 3.5 per cent to $48.3 million and the company reported a 1.4 per cent increase in gross profit for the quarter.
The company is slightly behind its targets for the 2021 financial year, having completed 60.9 per cent of its revenue target and 54.4 of its gross profit target.
“Going forward,” said CF Energy’s board chair and CEO Lin Ann Siyin, “we will continue to do our best to leverage off lower gas prices to reach out to more gas users and further expand our market footprint in Sanya and place more emphasis on the furtherance of our integrated smart energy projects and the EV battery swap station business for sustained future growth and enhancement of return to our Shareholders.”
CF Energy is a natural gas distribution company operating in China.
Shares in CF Energy Corp. (CFY) are up 13.21 per cent trading at $0.60 per share as of 10:57 am EST.