Offshore Oil Engineering (600583) Q3 2024 earnings summary

Executive summary

• Operating revenue for Q3 2024 reached RMB 6.997 billion, up 7.29% year-over-year; year-to-date revenue was RMB 20.43 billion, down 2.56% year-over-year.

• Net profit attributable to shareholders for Q3 was RMB 548 million, up 40.80% year-over-year; year-to-date net profit was RMB 1.74 billion, up 27.11% year-over-year.

• Net profit after deducting non-recurring items for Q3 was RMB 466 million, up 56.01% year-over-year.

• The company maintained a full workload, improved efficiency, and achieved significant breakthroughs in both domestic and overseas oil and gas projects.

Financial highlights

• Basic and diluted EPS for Q3 were RMB 0.12, up 33.33% year-over-year; year-to-date EPS was RMB 0.39, up 25.81%.

• Return on weighted average net assets for Q3 was 2.20%, up 0.56 ppt; year-to-date was 6.84%, up 1.18 ppt.

• Net cash flows from operating activities for Q3 were RMB 1.35 billion, down 58.59% year-over-year; year-to-date was RMB 3.94 billion, down 36.07%.

• Total assets at quarter-end were RMB 47.77 billion, up 10.45% from year-end 2023.

• Equity attributable to shareholders was RMB 25.90 billion, up 4.46% from year-end 2023.

Outlook and guidance

• The company continues to focus on high-quality development, efficiency improvement, and expanding both domestic and international markets.

• Total orders on hand at period-end were approximately RMB 36.5 billion, supporting future business growth.