COSL boosts revenue, maintains dividend despite global economic headwinds

China Oilfield Services (COSL) reported a revenue increase of 9.5% to CNY48.22 billion for 2024, compared to CNY44.04 billion in the previous year. Net profit reached CNY3.399 billion, a 3.5% increase. The company is recommending a final dividend of CNY0.2306 per share. COSL's domestic operations contributed CNY37.33 billion and international operations CNY10.88 billion to the revenue. The company's capital expenditure for the year totaled CNY7.32 billion. The report also highlighted key operational data, including utilization rates and day rates for its drilling rigs, and provided an outlook for 2025. Key strategic initiatives include technological innovation, cost leadership, and integrated service offerings.