中海油田服务(02883) - 2024 - 中期业绩

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 22,496.7 million, an increase from RMB 18,849.9 million in the same period of 2023, representing a growth of approximately 19.4%[5]. - Operating profit for the same period was RMB 2,692.0 million, compared to RMB 1,971.3 million in 2023, reflecting a year-on-year increase of about 36.5%[5]. - Profit for the period reached RMB 1,709.6 million, up from RMB 1,456.1 million in 2023, marking an increase of approximately 17.4%[8]. - Basic earnings per share for the period were RMB 0.33, compared to RMB 0.28 in the previous year, indicating a growth of around 17.4%[8]. - The company reported a pre-tax profit of RMB 2,409.0 million, compared to RMB 1,862.5 million in 2023, representing an increase of about 29.3%[8]. - Total revenue for the six months ended June 30, 2024, reached RMB 22,528,544 thousand, a 19.4% increase from RMB 18,873,594 thousand in the same period of 2023[5]. - The group reported a pre-tax profit of RMB 2,409,043 thousand for the six months ended June 30, 2024, compared to RMB 1,862,502 thousand for the same period in 2023, reflecting an increase of approximately 29.3%[37][38]. - The total income tax expense for the six months ended June 30, 2024, was RMB 699,395,000, compared to RMB 406,413,000 for the same period in 2023, representing an increase of 72.0%[56]. - The basic earnings per share attributable to the company's owners for the six months ended June 30, 2024, was RMB 0.334, compared to RMB 0.281 for the same period in 2023, reflecting an increase of 18.8%[60]. Operating Expenses - Total operating expenses for the six months were RMB 20,018.8 million, an increase from RMB 16,986.4 million in 2023, which is a rise of approximately 17.9%[7]. - Employee compensation costs rose by RMB 553.0 million or 16.5% year-on-year, reaching RMB 3,899.5 million[104]. - Material, supplies, fuel, services, and other expenses increased by RMB 417.8 million, a growth of 9.4% year-on-year[105]. - Subcontracting expenses rose by RMB 1,232.4 million, representing a 25.9% increase, primarily due to increased operational volume and growth in flexible services and business outsourcing[106]. Assets and Liabilities - Cash and cash equivalents as of June 30, 2024, amounted to RMB 8,037.5 million, up from RMB 5,977.5 million at the end of 2023, reflecting a growth of approximately 34.5%[12]. - Total current assets increased to RMB 31,037.2 million from RMB 30,270.1 million in 2023, showing a growth of about 2.5%[12]. - Total liabilities increased to RMB 26,760.9 million from RMB 23,364.6 million in 2023, indicating a rise of approximately 14.5%[13]. - The company’s total assets less current liabilities stood at RMB 57,004.0 million, down from RMB 59,881.2 million in 2023, reflecting a decrease of about 4.7%[13]. - The group’s total liabilities were RMB 40,744,216 thousand as of June 30, 2024, compared to RMB 40,989,728 thousand as of June 30, 2023, indicating a decrease of approximately 0.6%[37][38]. - The total liabilities from bank borrowings decreased to RMB 1,856,703 as of June 30, 2024, down from RMB 3,122,911 at the end of 2023, a reduction of 40.6%[74]. Revenue Breakdown - Revenue from external customers in the domestic market was RMB 16,943,622 thousand, while international revenue was RMB 5,553,041 thousand for the six months ended June 30, 2024[42]. - The contribution from a major customer, China National Offshore Oil Corporation and its subsidiaries, accounted for 77% of total sales for the six months ended June 30, 2024, down from 81% in the same period of 2023[43]. - The drilling services segment generated revenue of RMB 6,501,322 thousand, while the oilfield technical services segment contributed RMB 12,851,596 thousand for the six months ended June 30, 2024[37]. - The breakdown of revenue from contracts with customers shows that drilling services generated RMB 5,798,370 thousand, oilfield technology services contributed RMB 12,763,406 thousand, ship services brought in RMB 2,134,936 thousand, and engineering survey services accounted for RMB 1,104,136 thousand for the six months ended June 30, 2024[5]. Market Presence and Strategy - The company maintains a 100% ownership in its major subsidiaries, including COSL Drilling Pan-Pacific Ltd. and COSL Oil-Tech (Singapore) Ltd., which are crucial for its drilling and oilfield technology services[19][21]. - The company continues to focus on expanding its oilfield services, including drilling services and oilfield technology services, which are essential for its operational performance[17]. - The company has a significant presence in international markets, with subsidiaries in Indonesia, Mexico, and the Middle East, enhancing its global service capabilities[19][21]. - The company is committed to ongoing research and development in new technologies to improve service efficiency and expand its market reach[17]. - The company anticipates stable growth in global upstream exploration and development investments, driven by increasing demand in the oilfield services market[138]. - The company plans to enhance its R&D capabilities and promote the application of new technologies to capture more service opportunities in the improving industry landscape[138]. Governance and Compliance - The company has complied with the corporate governance code and has implemented higher standards for securities trading by its directors[144]. - The company has not engaged in any purchase, sale, or repurchase of its listed securities during the reporting period[145]. - The management is actively monitoring foreign exchange risks and will take targeted measures to mitigate various operational risks[142]. - The company believes that the current structure of having the same individual serve as both Chairman and CEO meets operational needs and allows for effective decision-making[141]. Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2024 was RMB 1,714.2 million, up 48.6% from RMB 1,153.5 million in the same period last year[125]. - The net cash inflow from investing activities was RMB 3,389.7 million, a significant increase of 67.5% compared to RMB 2,025.7 million in the previous year[126]. - The net cash outflow from financing activities was RMB 3,021.8 million, which is an increase of 97.9% from RMB 1,534.8 million in the same period last year[127]. - Capital expenditures for the first half of 2024 totaled RMB 2,555.2 million, representing a 37.8% increase from RMB 1,854.5 million in the same period last year[130].