CNOOC ENERGY TECHNOLOGY SERVICES (600968) Q4 2024 earnings summary

Executive summary

• Achieved revenue of ¥52.52 billion, up 6.51% year-over-year; net profit attributable to shareholders was ¥3.66 billion, up 18.66% year-over-year; basic EPS was ¥0.3597, up 18.66% year-over-year.

• Three main business segments all grew, with energy technology services revenue up 15.12%, low-carbon and digital up 0.91%, and energy logistics up 0.60%.

• Proposed cash dividend of ¥1.35 per 10 shares, totaling ¥1.372 billion, representing 37.53% payout ratio.

• Audit report issued with standard unqualified opinion.

Financial highlights

• Operating income: ¥52.52 billion (+6.51% YoY); net profit attributable to shareholders: ¥3.66 billion (+18.66% YoY).

• Gross margin: 14.62% (up 1.15 percentage points YoY); domestic revenue accounted for 98.78% of total.

• Net assets attributable to shareholders: ¥27.16 billion (+10.29% YoY); total assets: ¥49.50 billion (+10.24% YoY).

• Operating cash flow: ¥5.55 billion (down 28.28% YoY); R&D investment: ¥987 million, 1.88% of revenue.

• Adjusted EPS (excluding non-recurring items): ¥0.3743 (+32.89% YoY).

Outlook and guidance

• Industry expected to benefit from continued energy transition, digitalization, and green technology adoption.

• Company will focus on core business, green low-carbon, and digital transformation, aiming for high-quality growth and international competitiveness.

• 2025 is the final year of the 14th Five-Year Plan, with emphasis on innovation, cost leadership, and market expansion.