China Gas Industry Investment Holdings Co. Ltd. provided earnings guidance for the year ended 31 December 2023. For the year, the Group is expected to record a net profit of not less than RMB 120.00 million as compared to a net profit of approximately RMB 112.74 million for the year ended 31 December 2022.

The increase in net profit was primarily attributable to (i) the decrease in administrative expenses for the year ended 31 December 2023 mainly due to the decrease in legal and professional fees; and (ii) the decrease in income tax expense for the year ended 31 December 2023 mainly due to the utilization of unrecognized accumulated tax loss.