Zhongman Petroleum and Natural Gas Group (603619) Q4 2024 earnings summary

Executive summary

• Achieved revenue of RMB 4.13 billion in 2024, up 10.79% year-over-year; net profit attributable to shareholders was RMB 725.82 million, down 10.58% year-over-year.

• Oil and gas production reached record highs, with oil output up 25.42% year-over-year and total oil and gas equivalent exceeding 1 million tons.

• Completed major international expansion, securing development rights for two large oilfields in Iraq and consolidating overseas assets.

• Completed a targeted share issuance, raising RMB 1.18 billion to support growth and optimize capital structure.

Financial highlights

• Revenue: RMB 4,134.77 million (+10.79% YoY); net profit attributable to shareholders: RMB 725.82 million (-10.58% YoY).

• Gross margin increased by 0.28 percentage points year-over-year; basic EPS: RMB 1.76 (-14.56% YoY).

• Operating cash flow: RMB 1,542.13 million (-2.48% YoY); total assets: RMB 11,955.24 million (+28.66% YoY).

• Dividend proposal: RMB 3.00 per 10 shares, total payout RMB 137.50 million (pending approval).

Outlook and guidance

• 2025 focus on consolidating oil and gas exploration and development, with plans for 30 new wells at Wensu and 21 at Jiange.

• Continued international expansion, especially in Iraq and Central Asia, and further digital transformation and cost control.

• Emphasis on R&D, intelligent manufacturing, and green, low-carbon operations.