CNOOC ENERGY TECHNOLOGY SERVICES (600968) Q2 2024 earnings summary

Executive summary

• Achieved revenue of ¥21.63 billion, up 4.69% year-over-year; net profit attributable to shareholders rose 20.90% to ¥1.62 billion.

• Gross margin and cost control remained strong, with cost increases below revenue growth.

• Three main business segments: energy technology services, low-carbon/environmental & digital, and energy logistics.

• No interim dividend or capital increase from reserves proposed for the period.

Financial highlights

• Revenue: ¥21.63 billion, up 4.69% year-over-year.

• Net profit attributable to shareholders: ¥1.62 billion, up 20.90% year-over-year.

• Operating cash flow: ¥1.26 billion, down 48.21% year-over-year.

• Total assets: ¥45.78 billion, up 1.94% from year-end 2023.

• Basic EPS: ¥0.1590, up 20.90% year-over-year.

Outlook and guidance

• Focus on expanding energy technology services and accelerating low-carbon and digital transformation.

• Continued investment in R&D and digitalization, with emphasis on green and high-end transformation.

• Anticipates stable development in oil & gas and service industries, with ongoing cost control and risk management.