COSL(HK:02883)2020-04-08 09:03Financial Performance - Total revenue for the year was RMB 31,075.8 million[9] - Operating profit amounted to RMB 3,895.2 million[9] - Annual profit reached RMB 2,528.0 million[9] - Basic earnings per share were RMB 52.44[9] - Total operating revenue for 2019 reached RMB 31,075.8 million, a 42.0% increase from RMB 21,886.6 million in 2018[10] - Operating profit surged to RMB 3,895.2 million, reflecting a 505.3% increase compared to RMB 643.5 million in the previous year[10] - Annual profit for 2019 was RMB 2,528.0 million, a significant rise of 2,750.1% from RMB 88.7 million in 2018[10] - Basic earnings per share reached RMB 52.44, up 3,443.2% from RMB 1.48 in 2018[10] - The company maintained a capital return rate of 7.1% and an asset return rate of 3.4% for 2019, compared to 0.3% and 0.1% respectively in 2018[10] - The total operating expenses for the company in 2019 were RMB 27,532.7 million, an increase of 27.9% from RMB 21,527.2 million in 2018[52] - The total operating expenses for the year increased by RMB 6,005.5 million, representing a 27.9% year-on-year growth, reaching RMB 27,532.7 million[54] - The group’s operating profit for the year was RMB 3,895.2 million, up RMB 3,251.7 million or 505.3% from RMB 643.5 million in the previous year[58] - The annual profit for the group reached RMB 2,528.0 million, a substantial increase of RMB 2,439.3 million from RMB 88.7 million in the previous year[66] Assets and Equity - Total assets stood at RMB 76,101.8 million[9] - Total equity was RMB 36,910.3 million[9] - Total assets increased to RMB 76,101.8 million, a growth of 1.9% from RMB 74,687.0 million in 2018[68] - Total liabilities decreased to RMB 39,191.5 million, down 2.0% from RMB 40,009.6 million in 2018[68] - Total equity rose to RMB 36,910.3 million, reflecting a 6.4% increase from RMB 34,677.4 million in 2018[68] Revenue Growth - Domestic business revenue grew by 48.9% to RMB 24,159.9 million, while international business revenue increased by 22.2% to RMB 6,915.9 million[10] - The oilfield technical services segment achieved a revenue of RMB 15,030 million in 2019, representing a 53.5% increase from RMB 9,792.6 million in 2018[28] - The drilling services segment saw a revenue increase of 39.7%, reaching RMB 10,824.8 million in 2019, up from RMB 7,749.9 million in 2018[44] - The company reported a 48.9% increase in domestic revenue, amounting to RMB 24,159.9 million in 2019, up from RMB 16,225.5 million in 2018[47] - The international revenue for the company was RMB 6,915.9 million in 2019, reflecting a 22.2% increase from RMB 5,661.1 million in 2018[47] International Expansion - The company is actively expanding its international business in regions such as Asia-Pacific, Middle East, Americas, Europe, Africa, and Far East[5] - The company has enhanced its international operational management capabilities and strengthened its market expansion efforts, particularly in the Asia-Pacific and Middle East regions[18] - The company successfully promoted a series of proprietary technologies, including the BIODRILL A biodegradable drilling fluid system, contributing to green development in offshore oil fields[19] - The company has made significant breakthroughs in various regions, securing contracts for multiple drilling services and expanding its service offerings[18] - The company operates in over 40 countries and regions, providing integrated oilfield services across six major regions: Asia-Pacific, Middle East, Americas, Europe, Africa, and Far East[113] Technological Innovation - The company aims to leverage technological innovation as a core driver for high-quality global business development in the oilfield services market[15] - The company plans to accelerate the development of key core technologies and enhance its global operational management capabilities in 2020[15] - The company invested CNY 1.073 billion in technology research and development, an increase of 35.3% from CNY 793.75 million in 2018[177] - The company obtained 97 new patents in 2019, including 38 invention patents, marking a 6.6% increase from 91 patents in 2018[179] - The company conducted 172 internal control management training sessions in 2019, with 2,725 participants, reflecting a 8.5% increase in participants from 2018[152] Risk Management and Compliance - The company established a comprehensive risk management framework, conducting annual and quarterly risk assessments to identify and manage significant risks[88] - The internal control system was evaluated as effective, with no significant deficiencies identified in design or execution[87] - The company has strengthened its compliance system, ensuring adherence to laws and regulations, including labor and environmental laws[145] - The company has established a long-term mechanism for risk prevention, conducting special inspections to identify major operational risks[149] - The company has implemented a global management system aligned with international standards, enhancing its internal control capabilities[147] Employee Welfare and Training - The employee turnover rate decreased to 1.6% in 2019 from 2.6% in 2018, reflecting improved employee retention[131] - The company achieved a 100% coverage rate for social insurance and labor contract signing rate in 2019, ensuring employee welfare[131] - The company has enhanced employee welfare and training programs, promoting a diverse and safe work environment[145] - In 2019, the company conducted 409 anti-fraud training sessions, with a total of 16,141 participants, including over 310 from key sensitive positions[159] Environmental and Sustainable Development - The company received multiple awards for sustainable development, including recognition as an "Outstanding Sustainable Development Enterprise" by Sina Finance in 2019[14] - The company plans to prioritize the development of green and low-carbon technologies to strengthen its core competitiveness[78] - The company is committed to environmental protection and occupational health, emphasizing safety production as part of its operational strategy[199] - The company has been recognized for its corporate governance, being included in the Hang Seng Sustainable Development Index for eight consecutive years[81] Corporate Governance - The board of directors confirmed compliance with securities trading standards throughout 2019, ensuring adherence to regulatory requirements[82] - The company has three independent directors with extensive experience in finance, law, and financial reporting, who effectively fulfilled their responsibilities during the reporting period[85] - The board of directors has implemented a diversity policy to enhance governance and attract a wide range of talents[86] - The company’s governance functions are regularly reviewed to ensure compliance with corporate governance codes[90]