On October 27, COOEC, a listed company controlled by China National Offshore Oil Corporation released its third quarter 2024 operating results to the capital markets.
In the third quarter, COOEC realized operating revenue of RMB6.997 billion (approximately US$981 million) and net profit attributable to shareholders of the listed company of RMB548 million, representing year-on-year increases of 7.29% and 40.80%, respectively. For the first three quarters COOEC realized operating revenue of RMB20.426 billion (approximately US$2.863 billion); net profit attributable to shareholders of listed companies was RMB1.745 billion (approximately US$245 million), representing a year-on-year increase of 27.11%.
As of the end of September 2024, total assets amounted to RMB47.769 billion (approximately US$6.697 billion), net assets attributable to shareholders of listed companies amounted to RMB25.901 billion (approximately US$3.631 billion), and gearing ratio was 41.59%. The Company’s assets are growing steadily, cash flow is abundant, high-quality development is being pushed forward solidly, and production and operation performance continues to improve.
In the first three quarters, the Company continued to build a new development pattern of domestic and international double-cycle, and intensified the development of overseas markets while still maintaining its advantages in the traditional oil and gas markets. The Company’s total market commitments amounted to RMB16.562 billion (approximately US$2.324 billion), of which RMB11.236 billion, or 67.84%, was domestic business and RMB5.326 billion, or 32.16%, was overseas business, representing an increase of 3 percentage points year-on-year.
By business type, domestic oil and gas business amounted to RMB11.228 billion (approximately US$1.575 billion), accounting for 67.79%; overseas business amounted to RMB5.326 billion, accounting for 32.16%; and clean energy business amounted to RMB0.08 billion, accounting for 0.05%. As of the end of the reporting period, the total orders on hand amounted to approximately RMB36.5 billion (approximately US$5.121 billion), providing strong support for the sustainable development of the Company’s business.
The company actively promoted the construction of oil and gas projects at home and abroad. In the first three quarters, a total of 75 projects above designated size were put into operation, of which 14 projects were completed and delivered. The land processing volume reached 356,000 tons, a year-on-year increase of 5%, which continued to maintain a high level; 20,300 ship-days were invested in offshore operations such as installation, a year-on-year increase of 3%, and the operating rate of self-owned ships continued to increase.
In the fourth quarter, COOEC will focus on the development goal of building a world-class marine energy engineering company with Chinese characteristics, take the opportunity of improving the quality of Central SOEs holding listed companies, take responsibility, innovate, and strive to create greater value for shareholders and society.