Tourism recovery boosts Towngas sales in 2025

Towngas reported a decline in net income for the year, but remains optimistic about future growth. The company's full-year net income fell 8 percent to HK$5.7 billion, down from HK$6.1 billion last year. Analysts had expected a higher profit of HK$6.2 billion. Despite the drop in net income, Towngas saw a 5 percent increase in core operating profit, reaching HK$5.9 billion. Revenue also dropped by 2.6 percent to HK$55.5 billion, falling short of the anticipated HK$57.7 billion. The company noted that overall gas sales in Hong Kong rose slightly by 0.1 percent after a previous decline in 2023. This past year, gas sales were impacted by record high temperatures and more residents traveling to the mainland. During an earnings call, managing director Peter Wong Wai-yee highlighted that the recovery in the hospitality and aviation sectors contributed to the increase in gas sales. Towngas remains hopeful that a rebound in tourism and new talent from the mainland will drive future sales growth.