Financial Performance - The company's total revenue for the fiscal year ending December 31, 2024, was approximately HKD 292.4 million, a decrease of about 7.1% from HKD 314.8 million in 2023[3]. - The loss attributable to shareholders for the fiscal year was approximately HKD 14.7 million, compared to a loss of HKD 74.7 million in 2023, resulting in a basic loss per share of approximately HKD 0.01[3]. - Total comprehensive income for the year was HKD (11,776,000) in 2024, compared to HKD (72,693,000) in 2023, reflecting a reduction in losses[22]. - The company reported a net loss of approximately HKD 14,662,000 for the year ended December 31, 2024, compared to a loss of HKD 74,737,000 in 2023, indicating a significant improvement[29]. - The company reported a loss before tax of HKD 13,299,000 for the year ended December 31, 2024, significantly improved from a loss of HKD 71,407,000 in 2023[41]. - The company recorded a net loss of approximately HKD 14.7 million for the year, a decrease of about HKD 60.0 million (or approximately 80.3%) compared to a loss of HKD 74.7 million in 2023[61]. Revenue Breakdown - Revenue from the Chinese market increased by approximately 0.7% to HKD 268.2 million, accounting for 91.7% of total revenue, driven by increased sales of completion products and drilling services[4]. - Revenue from overseas markets decreased by approximately 50.1% to HKD 24.2 million, accounting for 8.3% of total revenue, primarily due to the completion of several service contracts without renewal[5]. - Revenue from oilfield project tools and services was approximately HKD 267.5 million, an increase of about 1.7% from HKD 262.9 million in 2023[10]. - Revenue from consulting services decreased by approximately 52.0% to HKD 24.9 million, primarily due to the completion of service contracts in the first quarter of 2024[11]. - Revenue from production services in 2024 is approximately HKD 235.4 million, a decrease of about HKD 7.0 million (or approximately 2.9%) compared to 2023[13]. - Revenue from drilling services in 2024 is approximately HKD 26.5 million, an increase of about HKD 6.1 million (or approximately 29.9%) compared to 2023[14]. - Revenue from completion services in 2024 is approximately HKD 5.6 million, an increase of about HKD 5.5 million (or approximately 5,500.0%) compared to 2023[15]. Market and Operational Insights - The company continues to engage in oil and gas field technical services covering various stages of the oil and gas field lifecycle, including drilling, completion, and production enhancement[3]. - The company expects stable market demand for production services and other oilfield services in 2025 due to stable international oil prices and supportive national policies in China[20]. - Brent crude oil prices remained strong, fluctuating between approximately USD 68-92 per barrel throughout the year[20]. Financial Position and Assets - Non-current assets decreased from HKD 256,384,000 in 2023 to HKD 226,208,000 in 2024, primarily due to a decline in property, plant, and equipment[23]. - The company’s cash and cash equivalents decreased from HKD 26,294,000 in 2023 to HKD 15,607,000 in 2024, indicating a tighter liquidity position[23]. - The company’s net assets decreased from HKD 191,155,000 in 2023 to HKD 180,263,000 in 2024, reflecting ongoing financial challenges[24]. - The company’s property, plant, and equipment decreased to approximately HKD 108.2 million in 2024, a reduction of about HKD 19.1 million (or approximately 15.0%) from HKD 127.3 million in 2023, primarily due to depreciation[63]. - The company’s trade receivables decreased to approximately HKD 206.6 million in 2024 from HKD 222.1 million in 2023, with net trade receivables amounting to HKD 201.6 million[47]. Employee and Operational Changes - The number of employees decreased by approximately 23.8% to 195 as of December 31, 2024, compared to 256 in 2023[18]. - Employee benefits expenses decreased to approximately HKD 44.0 million in 2024, down by about HKD 4.6 million (or approximately 9.5%) from HKD 48.6 million in 2023, due to the completion of several supervisory service contracts[54]. Debt and Financing - The company has secured additional loan financing of RMB 49,500,000 from a bank in China to support its operational funding needs for oil and gas projects[30]. - The unused loan financing amount as of December 31, 2024, was RMB 30,000,000, which has not yet been drawn down[30]. - The company is actively negotiating for new loan financing to meet operational funding requirements for its projects in China[31]. Governance and Compliance - The audit committee has been established in accordance with regulatory requirements, consisting of three independent non-executive directors[81]. - The chairman of the board is Wang Jinlong, with executive directors Zhao Jindong, Lin Jingyu, and Zhou Sisi[82]. - The independent non-executive directors include Liang Nianchang, Xin Junhe, and Zhang Dawei[82].
百勤油服(02178) - 2024 - 年度业绩