Anton Oilfield Services Group (3337) H2 2023 earnings summary

Executive summary

• FY2023 revenue reached a record RMB4,434.8m, up 26.2% YoY; international markets contributed over 60% of revenue.

• Business mix shifted toward innovative services, while free cash flow increased and a RMB39m dividend was paid.

Financial highlights

• Revenue rose to RMB4,434.8m from RMB3,514.9m in FY2022, up 26.2% YoY.

• Profit attributable to equity holders was RMB293.8m in FY2023 versus RMB196.5m in FY2022.

• Adjusted profit attributable to equity holders, excluding USD bond repurchase gains, was RMB195.0m versus RMB164.5m.

• Free cash flow was RMB496.2m in FY2023, compared with RMB426.0m in FY2022.

Outlook and guidance

• 2024 priorities include expanding international business, advancing digital and platform-based models, and improving global operating efficiency.

• Plans include continued asset securitization, independent development of business lines, and a spin-off of T-ALL inspection to unlock value.

• Comprehensive solutions for green development, intelligent oil and gas development, asset leasing, inspection, and precision engineering are positioned to support sustainable growth.