COSL(HK:02883)2022-09-08 08:47Financial Performance - In the first half of 2022, the company achieved operating revenue of RMB 15.2 billion, a 3.7% increase compared to RMB 14.5 billion in the same period of 2020[6]. - The net profit for the first half of 2022 was RMB 1.11 billion, reflecting a 35.1% increase from RMB 1.72 billion in the first half of 2020[6]. - The company’s operating profit for the first half of 2022 was RMB 1.27 billion, down 6.4% from RMB 2.22 billion in the first half of 2020[6]. - The company's revenue for the first half of 2022 was RMB 15,195.6 million, an increase of RMB 2,472.6 million, representing a growth of 19.4% year-on-year[13]. - Net profit for the first half of 2022 was RMB 1,108.4 million, up RMB 299.9 million, with a growth rate of 37.1% compared to the previous year[13]. - The total comprehensive income for the first half of 2022 was RMB 985.55 million, compared to RMB 811.46 million in the same period last year, indicating an increase of approximately 21.4%[74]. - Basic earnings per share for the first half of 2022 were RMB 0.2311, up from RMB 0.1680 in the same period of 2021[36]. - The company reported a profit of RMB 1,102,536 thousand for the six months ended June 30, 2022, compared to RMB 801,457 thousand for the same period in 2021, marking a year-on-year increase of approximately 37.5%[78]. Market Expansion and Contracts - The company has signed significant long-term drilling contracts in Saudi Arabia and expanded its service offerings in Malaysia and Indonesia, indicating successful international market expansion[9]. - The company has expanded its overseas market presence, successfully completing various projects in North America and Southeast Asia[18]. - The company has signed significant long-term drilling contracts in Saudi Arabia and won the largest logging project in Southeast Asia in Indonesia[194]. Technological Advancements - The company’s underwater release plug system, with complete independent intellectual property rights, has been successfully industrialized, breaking foreign monopolies[10]. - The company’s "Xuanji" system has achieved a one-time downhole success rate of 91.7%, highlighting its technological advancements[10]. - The company is focusing on technological innovation and has made significant progress in developing new technologies for oilfield services[18]. - The company has established a drilling digital center platform and officially launched information management tools for frontline use in the first half of 2022[199]. Operational Efficiency - The drilling services segment generated revenue of RMB 5,055.1 million, an increase of RMB 707.3 million, reflecting a growth of 16.3% year-on-year[14]. - The total operating days for drilling platforms reached 8,017 days, an increase of 1,439 days, representing a growth of 21.9% year-on-year[16]. - The utilization rate of self-elevating drilling platforms increased to 89.8%, up 18.0 percentage points from the previous year[16]. - The average daily revenue for self-elevating drilling platforms decreased to USD 7.1, down 6.6% from USD 7.6 in the previous year[17]. - The company has made significant progress in the recovery of operations for three semi-submersible platforms in Europe during the first half of 2022[199]. Financial Position and Investments - Total assets as of June 30, 2022, were RMB 73,738.4 million, an increase of 0.6% from RMB 73,311.7 million at the end of 2021[37]. - Cash and cash equivalents decreased to RMB 4,454.7 million by June 30, 2022, from RMB 5,006.4 million at the beginning of the year[39]. - The company’s net debt as of June 30, 2022, was RMB 28,487.7 million, compared to RMB 28,025.2 million as of December 31, 2021[62]. - The company’s long-term debt, including bank loans and bonds, rose to RMB 12,593,405 thousand from RMB 12,162,168 thousand, indicating an increase of about 3.6%[76]. - The company’s cash deposits in time deposits amounted to RMB 1,586,196 as of June 30, 2022, showing a slight increase from RMB 1,556,535 as of December 31, 2021[131]. Cost Management and Expenses - The company faced a 22.6% increase in operating expenses, totaling RMB 14,128.6 million, compared to RMB 11,526.7 million in the same period last year[26]. - Employee compensation costs rose by RMB 416.1 million or 16.8% year-on-year, attributed to increased operational volume and the resumption of platform operations[28]. - The company is focusing on cost reduction and efficiency improvement, with total operating expenses rising to RMB 14.13 billion from RMB 11.53 billion, an increase of approximately 22.5%[73]. Strategic Goals and Future Outlook - The company aims to enhance its core competitiveness by focusing on key technology breakthroughs and accelerating digital transformation[11]. - The company plans to promote green and low-carbon development, actively implementing carbon peak and carbon neutrality goals[11]. - The company anticipates a continued recovery in the oilfield services market driven by high oil prices and increased upstream exploration and development investments[47]. - The company plans to enhance its R&D capabilities and focus on key core technology breakthroughs in the second half of 2022[47]. - The company will closely monitor global economic conditions and oil prices to adapt its strategies accordingly[47]. Shareholder and Governance Information - Major shareholders included BlackRock, Inc. with approximately 6.12% and Allianz SE with approximately 5.17% of the company's H-shares[54]. - The company did not grant any rights to directors, supervisors, or senior management to benefit from purchasing shares or bonds during the six months ended June 30, 2022[55]. - There were changes in the board of directors, with the appointment of new independent non-executive directors in June and August 2022[57][58].