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华商能源(00206) - 2021 - 中期财报
CM-ENERGYCM-ENERGY(HK:00206)2021-09-15 08:22

Financial Performance - The Group's revenue for the six months ended June 30, 2021, reached approximately US$21.8 million, representing a decrease of approximately 30.1% from US$31.2 million for the same period in 2020[7]. - Gross profit amounted to approximately US$7.7 million for the six months ended June 30, 2021, representing a decrease of approximately 24.4% from US$10.1 million for the same period in 2020[7]. - Net profit attributable to equity shareholders of the Company amounted to approximately US$6.3 million for the six months ended June 30, 2021, representing an increase of 117.8% from US$2.9 million for the same period in 2020[7]. - Earnings per share for the six months ended June 30, 2021, was US$0.20 cent, representing an increase of 107.9% compared with US$0.10 cent for the same period in 2020[7]. - Total comprehensive income for the period was US$5.985 million, compared to a loss of US$0.521 million for the same period in 2020[11]. - The Company reported a profit before taxation of US$10.93 million for the six months ended June 30, 2021, compared to US$3.185 million for the same period in 2020[9]. - The profit for the period was reported at $6,250,000, compared to $2,869,000 in the previous period, indicating a substantial increase of approximately 118.5%[16]. - The company reported a total comprehensive income of $5,971,000 for the period, compared to $2,895,000 in the previous period, representing an increase of approximately 106.5%[16]. Asset and Liability Management - As of June 30, 2021, total assets amounted to $158,239,000, an increase from $133,687,000 as of December 31, 2020, representing a growth of approximately 18.4%[13]. - Net current assets increased to $68,170,000 from $63,874,000, reflecting a rise of about 4.3%[13]. - Non-current liabilities, specifically lease liabilities, surged to $10,856,000 from $1,224,000, indicating a significant increase of approximately 786.5%[15]. - The company's net assets reached $141,672,000, up from $135,284,000, marking an increase of about 4.3%[15]. - The total equity attributable to equity shareholders of the company was $141,980,000, compared to $135,606,000, showing a growth of approximately 4.3%[15]. - Cash and cash equivalents rose to $42,935,000 from $22,424,000, representing an increase of about 91.5%[13]. - Trade and other payables decreased to $44,729,000 from $57,989,000, a decline of approximately 22.7%[13]. - Total liabilities increased from US$94,646,000 as of December 31, 2020, to US$100,925,000 as of June 30, 2021, marking an increase of about 6.5%[44]. Revenue Breakdown - Revenue from external customers for capital equipment and packages was $5,711,000 for the six months ended June 30, 2021, compared to $6,826,000 in the same period of 2020, a decline of 16.3%[35]. - Revenue from oilfield expendables and supplies dropped by 41.2% to US$12.3 million, mainly due to reduced orders in the American market[106]. - Management and engineering services revenue increased by 11.4% to US$3.8 million, driven by higher demand in the Americas[108]. - Sales of capital equipment and oilfield expendables amounted to $5,711,000 and $12,319,000 respectively, compared to $6,826,000 and $20,966,000 in the prior year, indicating a decline of 16% and 41% respectively[27]. Cost Management - Selling and distribution expenses decreased by US$1.0 million to US$1.1 million in the first half of 2021, down from US$2.1 million in the first half of 2020, attributed to cost control measures[116]. - General and administrative expenses rose to US$10.0 million in the first half of 2021 from US$8.2 million in the first half of 2020, driven by increased business activities[117]. - Finance costs decreased to approximately US$0.4 million in the first half of 2021 from US$1.1 million in the first half of 2020, mainly due to lower interest on lease liabilities[117]. Taxation and Compliance - The Company incurred income tax expenses of US$4.677 million for the six months ended June 30, 2021, compared to US$0.290 million for the same period in 2020[9]. - The group reported a current tax provision of US$4,523,000 for the six months ended June 30, 2021, compared to US$25,000 in the same period of 2020[56]. - The audit committee has reviewed the unaudited financial results for the six months ended June 30, 2021, and found compliance with applicable accounting standards[199]. Shareholder Information - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[61]. - The Company holds 1,530,372,000 shares, representing approximately 47.18% of the issued share capital, following a change in shareholding where CM Industry acquired significant interests in the Fund LP and GP[81]. - The total number of shares that may be purchased under Share Award Plan 1 is capped at 3% of issued shares, equating to 21,147,456 shares[169]. - As of June 30, 2021, the total number of shares issued by the company was 3,243,433,914[176]. Strategic Initiatives - The Company is actively exploring new business models, including combining core equipment sales with financial leasing, to enhance sales in the Chinese market[84]. - The Company is tracking multiple opportunities in large cranes, jacking systems, and electronic control projects for offshore wind power installation[84]. - The Company aims to accelerate its transition to new energy, focusing on offshore wind power and hydrogen energy development opportunities[146]. - The company plans to maintain steady investments in traditional oil and gas while actively exploring new business patterns, particularly in the Mexican market[143]. Market Trends and Economic Outlook - The World Bank projects that the global economy will grow by 5.6% in 2021, marking the fastest growth in the last 50 years and the greatest post-recession growth in 80 years[130]. - WTI crude oil prices increased by 51.4% and Brent crude by 44.30% in the first half of the year, making them the top two global key assets[130]. - The comprehensive demand for offshore drilling rigs increased slightly by 2% in the first half of the year, following an 11% decline in 2020[132]. - The demand for drilling platforms is expected to increase by 5 percentage points in the second half of the year, with an annual growth rate of 7%[134].