巨涛海洋石油服务(03303) - 2024 - 中期业绩

Performance Summary Key Financial Indicators In the first half of 2024, the company achieved strong performance growth, with revenue increasing by 55.95%, gross profit by 89.11%, and profit attributable to owners of the company significantly increasing by 157.55%; the Board recommended an interim dividend of HKD 0.03 per share Key Financial Indicators | Indicator | H1 2024 | YoY Change | | :--- | :--- | :--- | | Revenue | RMB 1,284,256,000 | +55.95% | | Gross Profit | RMB 367,501,000 | +89.11% | | Profit Attributable to Owners of the Company | RMB 177,309,000 | +157.55% | | Basic Earnings Per Share | RMB 8.675 cents | +149.71% | | Proposed Interim Dividend | HKD 0.03 per share | None in Prior Period | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss During the reporting period, the company achieved significant growth in both revenue and gross profit, leading to more than double year-on-year increases in operating profit and profit attributable to owners of the company, reaching RMB 215 million and RMB 177 million respectively Condensed Consolidated Statement of Profit or Loss | Item (RMB Thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | 1,284,256 | 823,527 | | Gross Profit | 367,501 | 194,337 | | Operating Profit | 215,068 | 104,510 | | Profit for the Period Attributable to Owners of the Company | 177,309 | 68,844 | | Basic Earnings Per Share (RMB cents) | 8.675 | 3.474 | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the company's total assets were RMB 3.61 billion, with net assets increasing to RMB 2.21 billion; net current assets remained stable, non-current liabilities significantly decreased, indicating a robust overall financial position Condensed Consolidated Statement of Financial Position | Item (RMB Thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Non-current Assets | 1,360,761 | 1,363,355 | | Current Assets | 2,248,914 | 2,721,644 | | Total Assets | 3,609,675 | 4,084,999 | | Current Liabilities | 1,311,325 | 1,781,239 | | Non-current Liabilities | 90,899 | 292,021 | | Total Liabilities | 1,402,224 | 2,073,260 | | Net Assets (Total Equity) | 2,207,451 | 2,011,739 | Notes to the Financial Statements Segment Information The Group's business is primarily divided into Oil and Gas and New Energy and Refining segments; during the reporting period, the Oil and Gas segment was the absolute core of revenue and profit, with revenue reaching RMB 1.28 billion, growing nearly 90% year-on-year, while New Energy and Refining segment revenue significantly contracted Segment Information | Segment (RMB Thousands) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Oil and Gas | | | | Revenue | 1,281,731 | 677,016 | | Segment Profit | 363,509 | 111,536 | | New Energy and Refining | | | | Revenue | 2,226 | 141,016 | | Segment Profit | 4,428 | 83,062 | Revenue Analysis The vast majority (approximately 98%) of the Group's total revenue is derived from goods and services transferred over time, primarily contributed by the Oil and Gas segment Revenue Recognition Timing | Revenue Recognition Timing (RMB Thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Transferred at a Point in Time | 21,987 | 23,714 | | Transferred Over Time | 1,262,269 | 799,813 | | Total | 1,284,256 | 823,527 | Share Capital and Share Award Scheme In March 2024, the company completed a placement of 150 million new shares, raising net proceeds of approximately HKD 61.51 million for the construction of its Zhuhai facility and general working capital; concurrently, the company adopted a new share award scheme and granted 66 million award shares - On March 7, 2024, the company completed a placement of 150 million shares at HKD 0.42 per share, raising net proceeds of approximately HKD 61.51 million for the construction of its Zhuhai facility and general working capital[30] - The company adopted a new share award scheme, granting 66 million award shares as of June 30, 2024, and recognized related share award expenses of approximately RMB 44.93 million in administrative expenses[31] Management Discussion and Analysis Business Review and Risks During the reporting period, the Group achieved strong performance by optimizing project management and cost control; however, a significant risk emerged as its wholly-owned subsidiary, Penglai Juta, was added to the US SDN list, creating uncertainty for potential orders and contract settlements, which may materially adversely affect the Group's overall business - The Group continued to optimize project management, control costs, and enhance design capabilities in the first half of the year, driving its business towards higher value-added transformation[33] - Core risk: Wholly-owned subsidiary Penglai Juta was added to the Specially Designated Nationals (SDN) list by the US Department of the Treasury's Office of Foreign Assets Control (OFAC), which has severely impacted some customer cooperation intentions and created uncertainty for potential orders and contract settlements[33] Financial Performance Analysis The first half of 2024 saw strong financial performance, with total revenue growing 55.95% to RMB 1.28 billion, primarily driven by the Oil and Gas business; gross margin improved from 23.6% to 28.62%, leading to an 89.11% increase in gross profit, and ultimately, profit attributable to owners of the company surged 157.55% to RMB 177 million Revenue Revenue in the first half of 2024 increased by 55.95% to RMB 1.28 billion, primarily driven by the Oil and Gas segment, which saw an 89.32% revenue growth and completely dominated the Group's revenue composition, while New Energy and Refining business revenue significantly contracted by 98.42% Business Segment Revenue | Business Segment (RMB Thousands) | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Oil and Gas | 1,281,731 | 677,016 | +89.32% | | New Energy and Refining | 2,226 | 141,016 | -98.42% | | Others | 299 | 5,495 | -94.56% | | Total | 1,284,256 | 823,527 | +55.95% | Gross Profit Total gross profit increased by 89.11% to RMB 368 million, with the overall gross margin significantly improving from 23.60% in the prior period to 28.62%, primarily due to changes in business mix, optimized project management, and stringent cost control - Total gross profit was approximately RMB 368 million, an 89.11% year-on-year increase[38] - Overall gross margin increased from 23.60% in the prior period to 28.62%, mainly due to changes in business mix and higher gross profit recorded on certain projects[38] Expenses Total administrative and other operating expenses increased by 60.44% year-on-year, primarily due to a significant increase in staff remuneration and new share option expenses; finance costs decreased year-on-year due to reduced bank borrowings - Total administrative and other operating expenses amounted to approximately RMB 168 million, an increase of 60.44% year-on-year, mainly due to increased staff remuneration and share option expenses[41] - Finance costs were approximately RMB 7.31 million, a year-on-year decrease, primarily due to reduced interest expenses on bank borrowings[42] Liquidity and Financial Resources As of the period end, the Group held cash and bank balances of approximately RMB 951 million, an increase from the beginning of the year; operating activities generated a strong net cash inflow of RMB 451 million during the reporting period Cash and Bank Balances | Item (RMB Thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and Bank Balances | 951,065 | 752,805 | | Available Bank Credit Facilities | 61,010 | 104,290 | - Net cash inflow from operating activities in the first half of 2024 was approximately RMB 451 million[44] Capital Structure and Management The Group's capital structure further optimized, with net assets increasing to RMB 2.21 billion; benefiting from profit growth and reduced debt, the gearing ratio significantly decreased from 16.56% at the beginning of the year to 9.07% Capital Structure | Item (RMB Thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Bank Borrowings and Lease Liabilities | 200,129 | 333,125 | | Total Equity | 2,207,451 | 2,011,739 | | Gearing Ratio | 9.07% | 16.56% | Business Outlook Looking ahead to the second half of the year, the Group will continue to focus on market expansion, developing businesses such as marine engineering and new energy equipment; concurrently, the company recognizes the complex and volatile global economic and political landscape and will prudently assess various impacts to steadily advance its work - The core work for the second half of the year is market expansion, continuing to advance marine engineering, new energy equipment, and technical support services[51] - The company is aware of external challenges such as a weak global economic outlook and escalating geopolitical conflicts, and will prudently assess their impact and actively respond[51] Directors' Report and Corporate Governance Interim Dividend The Board recommended an interim dividend of HKD 0.03 per share, payable on October 16, 2024 - The Board recommended an interim dividend of HKD 0.03 per share for the six months ended June 30, 2024[55] - The record date for the dividend is September 24, 2024, with payment on October 16, 2024[55] Corporate Governance and Compliance The company has adopted and complied with most provisions of the Corporate Governance Code, with one deviation: monthly financial updates are not provided to all Board members, which the company believes enhances efficiency; the Audit Committee has reviewed the interim financial information - The company complies with the Corporate Governance Code, with one deviation: monthly financial updates are not provided to all directors, which the company states is for efficiency improvement[58] - The Audit Committee, comprising four independent non-executive directors, has reviewed the Group's unaudited interim financial information for the six months ended June 30, 2024[60]