TORONTO, Nov. 28, 2024 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) ("CF Energy” or the "Company”, together with its subsidiaries, the "Group”), an energy provider in the People's Republic of China (the ”PRC” or "China”), announces that the Company has filed its unaudited condensed interim consolidated financial results for the three-month and nine-month periods ended September 30, 2024 ("Q3 2024 and Nine Months in 2024” respectively).  

Q3 2024 financial highlights

Continuing Operations

In millionsQ3 2024Q3 2023Change%Q3 2024Q3 2023Change(except for % figures)RMB RMB RMB  CADCADCADContinuing Operations       Revenue126.0 122.1 3.9 3%23.823.4 0.4 Gross Profit33.3 30.5 2.8 9%6.35.8 0.5 Gross Profit Margin26.4%25.0%1.4%    Net Profit4.3 7.6 (3.3)-44%0.81.5 (0.7)Adjusted net Profit [Non-IFRS]4.3 6.3 (2.0)-32%0.81.3 (0.5)EBITDA24.9 25.5 (0.6)-2%4.74.9 (0.2)Adjusted EBITDA [Non-IFRS]24.9 24.2 0.7 3%4.74.7 (0.0)         Revenue in Q3 2024 was RMB126.0 million (approx. CAD23.8 million), an increase of RMB3.9 million (approx. CAD0.4 million), or 3%, from RMB122.1 million (approx. CAD23.4 million) for the three months ended September 30, 2023 ("Q3 2023”).

Gross profit in Q3 2024 was RMB33.3 million (approx. CAD6.3 million), an increase of RMB2.8 million (CAD0.5 million) or 9% from RMB30.5 million (approx. CAD5.8 million) in Q3 2023.   Overall Gross margin in Q3 2024 was 26.4%, an increase of 1.4 percentage points from 25.0% in Q3 2023.  

In millionsQ3 2024Q3 2023Change%Q3 2024Q3 2023Change(except for % figures)RMB RMB RMB  CADCADCADContinuing Operations       Net profit for the period4.3 7.6 (3.3)-44%0.81.5 (0.7)Non-recurring/non-operating items       Fair value change on derivative financial instrument- (1.3)1.3 -100%-(0.2)0.2 Government financial assistance- - - 0%-- - Adjusted net profit for the period (Non-IFRS)4.3 6.3 (2.0)-32%0.81.3 (0.5)         Net profit in Q3 2024 was RMB4.3 million (approx. CAD0.8 million), a decrease of RMB3.3 million (approx. CAD0.7 million), or 44% from RMB7.6 million (approx. CAD1.5 million) in Q3 2023. Net profit in Q3 2024 did not include non-recurring items. On a comparable basis, after excluding the non-recurring items, the fair value change on derivative financial instrument of RMB1.3 million (approx. CAD0.2 million), the adjusted net profit in Q3 2023 (non-IFRS) was RMB6.3 million (approx. CAD1.3 million). Adjusted net profit in Q3 2024 remained at RMB4.3 million, a decrease of RMB2.0 million (approx. CAD0.5 million) or 32% from adjusted net profit of RMB6.3 million (approx. CAD1.3 million) in Q3 2023.

Earnings per share (basic and diluted) from continuing operations in Q3 2024 was RMB0.10 (CAD0.02) per share, a decrease of RMB0.08 (CAD0.01), or 44% from earnings per share (basic and diluted) of RMB0.18 (CAD0.03) in Q3 2023.

In millionsQ3 2024Q3 2023Change%Q3 2024Q3 2023Change(except for % figures)RMB RMB RMB  CADCADCADContinuing Operations       EBITDA for the period24.9 25.5 (0.6)-2%4.74.9 (0.2)Non-recurring/non-operating items       Fair value change on derivative financial instrument- (1.3)1.3 -100%-(0.2)0.2 Government financial assistance- - - 0%-- - Adjusted EBITDA for the period (Non-IFRS)24.9 24.2 0.7 3%4.74.7 (0.0)         EBITDA (Non-IFRS measure) in Q3 2024 was RMB24.9 million (approx. CAD4.7 million), a decrease of RMB0.6 million (approx. CAD0.2 million), or 2%, from RMB25.5 million (approx. CAD4.9 million) in Q3 2023. EBITDA in Q3 2024 did not include non-recurring items. On a comparable basis, after excluding the non-recurring items, the fair value change on derivative financial instrument of RMB1.3 million (approx. CAD0.2 million), the adjusted EBITDA in Q3 2023 (non-IFRS) was RMB24.2 million (approx. CAD4.7 million). Adjusted EBITDA in Q3 2024 remained at RMB24.9 million, an increase of RMB0.7 million (approx. CAD0.0 million), or 3% from the adjusted EBITDA of RMB24.2 million (approx. CAD4.7 million) in Q3 2023.

Nine Months 2024 financial highlights

Continuing Operations

In millions1-9 20241-9 2023Change%1-9 20241-9 2023Change(except for % figures)RMB RMB RMB  CAD CAD CAD Continuing Operations       Revenue376.4 325.2 51.2 16%71.162.3 8.8 Gross Profit81.6 92.2 (10.6)-12%15.417.6 (2.2)Gross Profit Margin21.7%28.3%-6.6%    Net Profit5.8 28.3 (22.5)-79%1.15.4 (4.3)Adjusted net Profit5.8 21.5 (15.7)3%1.14.1 (3.0)EBITDA63.6 78.1 (14.5)-19%12.014.9 (2.9)Adjusted EBITDA63.6 71.3 (7.7)-11%12.013.6 (1.6)         Revenue for Nine Months in 2024 was RMB376.4 million (approx. CAD71.1 million), an increase of RMB51.2 million (approx. CAD8.8 million), or 16%, from RMB325.2 million (approx. CAD62.3 million) for the nine months ended September 30, 2023 ("Nine Months in 2023”).

Gross profit for Nine Months in 2024 was RMB81.6 million (approx. CAD15.4 million), a decrease of RMB10.6 million (CAD2.2 million), or 12% from RMB92.2 million (approx. CAD17.6 million) for Nine Months in 2023. Overall Gross margin for Nine Months in 2024 was 21.7%, a decrease of 6.6 percentage points from 28.3% for Nine Months in 2023.

In millions1-9 20241-9 2023Change%1-9 20241-9 2023Change(except for % figures)RMB RMB RMB  CAD CAD CAD Continuing Operations       Net profit for the period5.8 28.3 (22.5)-79%1.15.4 (4.3)Non-recurring items