Anton Oilfield Services Group (3337) H1 2026 earnings summary

Executive summary

• Revenue increased 1.9% year-over-year to RMB2,682.2 million, driven by overseas market growth despite Middle East tensions and disruptions impacting project execution and receivables collection.

• Major breakthroughs included a US$113 million Kuwait Oil Company contract, entry into Algeria's oil & gas market, and significant progress in new energy infrastructure in China.

• Advanced the Dhufriyah Project with promising initial well testing results and enhanced digital intelligence capabilities.

• Expanded green energy infrastructure with a nine-year, US$100 million heavy-duty EV charging project in China, targeting key transportation corridors.

• T-ALL Inspection entered the IPO filing stage, unlocking independent value and building a new growth platform.

Financial highlights

• Revenue for the period was RMB2,682.2 million (+1.9% YoY); overseas revenue up 11.9% to RMB1,880.3 million (70.1% of total).

• Profit attributable to equity holders was RMB165.1 million, up 36.6% YoY; net profit was RMB108.1 million, down 35% YoY due to lower operating profit and FX losses.

• Free cash flow improved to RMB173.0 million from negative RMB241.7 million in the prior year; net operating cash inflow was RMB-64.0 million.

• Accounts receivable turnover: 206 days (+44 days YoY); inventory turnover: 63 days (-7 days YoY); accounts payable turnover: 158 days (+51 days YoY).

• Cash and cash equivalents stood at RMB2.4 billion, with undrawn banking facilities of RMB1.6 billion.

Outlook and guidance

• Strategic upgrade to expand the green energy business leveraging the energy ecosystem and digital intelligence.

• Plans to drive ecosystem-based growth using the listed platform and foster entrepreneurship through employee share ownership programs.

• Continued globalization and dispersion of geopolitical risks, with a focus on high-quality asset identification and Dhufriyah Project milestones.

• Strengthening comprehensive risk management and capital discipline to support sustainable long-term growth.

• Q3 2026 faces renewed Middle East escalation, with continued energy market and supply chain risks.