Anton Oilfield Services Group (3337) H2 2024 earnings summary

Executive summary

• Revenue increased 7.2% year-over-year to RMB 4,753.9 million, with profit attributable to equity holders up 23.5% to RMB 242.6 million and net profit rising 16.7% to RMB 257.5 million.

• Free cash flow nearly doubled to RMB 979.7 million, reflecting refined operations and improved efficiency.

• Overseas revenue accounted for 65% of total, driven by market expansion in North Africa, Azerbaijan, Iraq, Oman, and Malaysia, with Iraq contributing RMB 2,601.4 million, up 17.7%.

• Major breakthrough in Iraq with a 25-year Dhufriyah Oilfield development contract, marking the first operator role and a new phase of growth.

• Announced a dividend of RMB 73 million for 2024, up 87.2% year-over-year, and continued share buybacks.

Financial highlights

• Revenue: RMB 4,753.9 million in FY2024, up 7.2% year-over-year; Net profit: RMB 257.5 million, up 16.7%; Profit attributable to equity holders: RMB 242.6 million, up 23.5%.

• Free cash flow: RMB 979.7 million, nearly double the prior year.

• Overseas orders surged to RMB 5,802.6 million, up 78.8% year-over-year; new orders reached RMB 9,009.2 million, up 53.7%, with backlog at RMB 14,224.2 million.

• Final dividend proposed: RMB 0.025/share (total RMB 73.0 million, +87.2% YoY), representing 30% of net profit attributable to equity holders.

• Net operating cash inflow: RMB 1,325.1 million (+44.5% YoY); gearing ratio: 55.1% (down 0.6pp YoY).

Outlook and guidance

• Focus on building a leading global green energy technology service company and rapid growth in 2025.

• Continued breakthroughs in new global markets, digitalized sales, and comprehensive efficiency-enhancing solutions.

• Emphasis on management innovation, talent development, and sustainable growth, with a commitment to stable dividends and shareholder value.