China Oilfield Services (2883) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 2.5% YoY to RMB35.73bn; total profit increased 1.3% to RMB4.22bn, and net profit increased 1.0% to RMB3.43bn.

• Q3 revenue grew 3.5% YoY to RMB11.94bn, while total profit fell 3.2% to RMB1.55bn and attributable net profit fell 1.7% to RMB1.22bn.

• High equipment utilization, improved efficiency and technology-led development supported operating momentum; slight full-year revenue growth was expected.

Financial highlights

• 9M operating revenue was RMB35.73bn versus RMB34.85bn a year earlier; operating profit was RMB4.09bn versus RMB4.20bn.

• 9M attributable net profit was RMB3.23bn, up 0.7% YoY; excluding non-recurring items, it was RMB3.03bn, down 4.3%.

• Q3 attributable net profit excluding non-recurring items was RMB1.20bn, down 2.4% YoY.

• 9M FX losses reached CNY720m versus CNY560m in H1; the 9M YoY FX loss was CNY500m.

Outlook and guidance

• Full-year revenue was expected to grow slightly, with overseas growth expected to offset a slight Middle East impact.

• International business represented 24%–25% of revenue; priorities included accelerating its contribution and improving overseas profitability.

• Priorities included strategic coordination, reserve growth and production enhancement, global equipment allocation, proprietary technology promotion, and matching client needs.

• Technical services, contributing over 50% of revenue, were positioned to support additional parent-company CapEx demand; well services emphasized green, intelligent and integrated solutions.