China Oilfield Services (2883) H1 2026 earnings summary

Executive summary

• Operating revenue reached RMB 23,734.8 million, up 1.9% year-over-year, with net profit at RMB 2,134.9 million, reflecting steady growth despite global volatility.

• Maintained high equipment utilization and operational efficiency domestically and overseas, with record contract values and profitability in key international markets.

• Advanced technological innovation, achieving industry records and winning multiple awards.

• Strengthened risk management, cost control, and safety, supporting sustainable development.

• Accelerated commercialization of proprietary technologies and enhanced integrated service capabilities.

Financial highlights

• Operating revenue increased by 1.9% year-over-year to RMB 23,734.8 million.

• Net profit was RMB 2,134.9 million, up 2.8% year-over-year; EPS reached RMB 0.4209.

• Profit from operations rose to RMB 3,375.3 million, up 16.0% year-over-year.

• Operating expenses decreased slightly by 0.3% to RMB 20,363.0 million.

• Capital expenditure dropped 49.8% to RMB 1,266.6 million.

Outlook and guidance

• Brent crude oil prices are expected to stabilize at USD 70–75/barrel for 2026.

• Focus on strengthening core business, expanding high-end overseas markets, and investing in technological and digital transformation.

• Plans to deepen cost control, optimize resource allocation, and enhance operational quality and efficiency.

• Strategic emerging industries revenue is forecast to reach RMB 14 billion in 2026, up 14% year-over-year.