COSL announces 2024 results: Revenue up, profit steady

China Oilfield Services Limited (COSL) reported a 9.5% year-on-year increase in revenue, reaching RMB48,218.1 million for the year ended December 31, 2024. Net profit saw a more modest rise of 3.5% to RMB3,399.1 million. The company attributes revenue growth to strong performance in its international business, which increased by 14.9% to RMB10,884.6 million, now representing 22.6% of total revenue. Drilling services revenue rose 9.4%, while well services saw a 7.4% increase, and marine support services expanded by 20.9%. The Company reports steady rig utilization rates and a focus on high-value overseas projects. The board recommends a final dividend of RMB0.2306 per share (tax inclusive). Despite continued volatile market demand, the company is planning a capital expenditure of RMB7.2 billion in 2025.