Anton Oilfield Services Group (3337) Q2 2024 earnings summary

Executive summary

• Achieved strong growth in new orders in Q2 2024, with significant expansion in Iraq and other overseas markets.

• Secured a major breakthrough by winning the Dhafriyah oilfield development project in Iraq, marking a milestone in international operations.

• Continued to deepen presence in international emerging markets and maintained high activity in oil and gas development.

Financial highlights

• New orders in Q2 2024 reached RMB2,638.1 million, up 62.1% year-over-year.

• Iraq market new orders rose 82.5% year-over-year to RMB1,503.1 million; Chinese market new orders increased 43.6% to RMB965.6 million.

• Order backlog as of June 30, 2024, stood at RMB12,694.0 million, with Iraq accounting for 41.9% and China 50.1%.

Outlook and guidance

• Expects moderate global economic recovery in Q3 2024, but with ongoing geopolitical and market challenges.

• Plans to expand in Middle East, Africa, Central Asia, and Southeast Asia, focusing on breakthrough projects and customer experience.

• Will emphasize asset-light, fast-turnover business model and healthy growth in cash flow and return on assets.