COSL(HK:02883)2025-04-16 08:31Financial Performance - In 2024, the total revenue reached RMB 48,218.1 million, representing a 9.5% increase from RMB 44,042.2 million in 2023[18] - The operating profit for 2024 was RMB 5,047.6 million, a 4.0% increase from RMB 4,855.2 million in 2023[18] - The annual profit rose to RMB 3,399.1 million, reflecting a 3.5% increase compared to RMB 3,282.6 million in 2023[18] - Basic earnings per share increased by 4.1% to RMB 65.74 from RMB 63.15 in the previous year[18] - The net profit for 2024 was RMB 3,399.1 million, up RMB 116.5 million, reflecting a growth of 3.5% compared to the previous year[32] - The total operating expenses for 2024 were RMB 43,497.6 million, an increase of RMB 4,000.9 million or 10.1% compared to RMB 39,496.7 million in 2023[75] - The pre-tax profit for 2024 was RMB 4,667.3 million, an increase of RMB 424.4 million compared to RMB 4,242.9 million in 2023[95] - The net financial expenses decreased by RMB 228.6 million, or 26.8%, totaling RMB 624.2 million in 2024[93] Revenue Segmentation - Domestic business revenue was RMB 37,333.5 million, up 8.0% from RMB 34,571.9 million in 2023, while international business revenue increased by 14.9% to RMB 10,884.6 million from RMB 9,470.3 million[18] - The drilling services segment generated revenue of RMB 13,182.3 million in 2024, a 9.4% increase from RMB 12,051.2 million in 2023[35] - The oilfield technology services business achieved revenue of RMB 27,610.3 million in 2024, a 7.4% increase from RMB 25,717.5 million in 2023[43] - The ship service business generated revenue of RMB 4,760.9 million in 2024, reflecting a 20.9% growth compared to RMB 3,938.8 million in 2023[49] - The geophysical exploration and engineering survey services business reported revenue of RMB 2,664.6 million in 2024, up 14.1% from RMB 2,334.7 million in 2023[56] Market Expansion and Strategy - The company aims to strengthen its position in the oilfield service market while expanding into international markets across Asia-Pacific, Middle East, Americas, Europe, and Africa[7] - The company is focusing on expanding its overseas market presence, particularly in high-value long-term drilling projects in South America and Southeast Asia[37] - The company plans to continue expanding its market presence and enhancing its technological capabilities to drive future growth[66] - The company plans to allocate approximately RMB 7.2 billion for capital expenditures in 2025, focusing on equipment investment and technology upgrades[112] - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[7] Operational Efficiency and Technological Development - The company is focused on technological advancements and cost leadership as part of its five strategic development goals[8] - The company aims to enhance its core business and improve operational efficiency through organizational reforms and a modern governance system[28] - The company is investing $50 million in R&D for new technologies aimed at enhancing operational efficiency[5] - The company is actively involved in the development of new technologies and products to improve service offerings[200] - The company is committed to enhancing its ESG governance, focusing on environmental protection and carbon emissions, and is actively researching and applying green low-carbon technologies[149] Governance and Compliance - The company has established 14 internal control systems covering all levels from headquarters to domestic and overseas units, ensuring compliance and effectiveness[129] - The independent directors effectively fulfilled their responsibilities, providing professional opinions on financial reporting, related transactions, and risk management[123] - The company has a risk management organization that conducts annual risk identification and assessment, reporting to the board quarterly[130] - The company’s governance practices are regularly reviewed to ensure compliance with corporate governance codes and regulations[134] - The company received multiple awards for its corporate governance and ESG practices in 2024, reflecting its commitment to sustainable development[118] Shareholder Engagement and Communication - The company has organized multiple investor communication events, including annual and quarterly earnings presentations, to engage with shareholders and address their concerns[154] - The company has established clear procedures for shareholders to request extraordinary general meetings and access company information, ensuring shareholder rights are protected[153] - The company has a dedicated team for investor relations, providing contact information and facilitating communication through its website[154] Future Outlook - The global oilfield services market is expected to grow by 2.2% in 2025, with upstream investment growth slowing down[113] - Future outlook includes a commitment to sustainable practices and innovation in the oil and gas sector[200] - The company plans to leverage its expertise in geophysical services to capture new market opportunities[200]