Full-Year 2023 Revenue Rose 26.2% to RMB 4.4 billion Sustained FCF performance, Dividend Payout of RMB39 Million

(Hong Kong, 28 March 2024) Anton Oilfield Services Group ("Anton" or the "Group"; HKEX Stock Code: 3337), the leading independent oilfield technical services provider in China, is pleased to announce the audited condensed consolidated annual results of the Group for the full year ended 31 December 2023 (the "Reporting Period", the "Year").


In 2023, the oilfield services industry presented both challenges and opportunities. Leveraging its differentiation advantage, the Group focused on emerging markets in global oil and gas development, achieved significant results over the past year. During the year, the Group's overseas business grew rapidly, with overseas revenue accounting for over 60% of total revenue; in terms of business, the innovative businesses developed rapidly as well, the platform business flourishing, and traditional businesses upgrading comprehensively under the guidance of precise engineering technology. In terms of management, effective cash flow operations and sustained strong free cash flow were achieved, while the transformation towards intelligent and informational management further enhanced the Group's management efficiency.


During the year, the Group's revenue rose by 26.2% year-on-year to RMB4,435 million, profit attributable to equity holders excluding the one-off gain on the repurchase of USD bonds increased by approximately 18.5% to RMB195 million, net cash inflow from operations amounted to RMB917 million, and free cash flow was approximately RMB500 million, representing an increase of 17.3% from RMB426 million in 2022.


Sufficient capital safeguards the healthy long-term development of the Group. In order to reward investors, the Board of Directors has recommended the payment of a final dividend of RMB0.013 per share for the year ended 31 December 2023 after taking into consideration of the capital required for business development and the overall debt arrangement.


Rapid growth in overseas markets, business recovery in China, and continued upgrading of traditional technical services


In 2023, the Group's business in overseas markets grew rapidly, revenue grew by 33.0% to RMB2,688 million, accounting for 60.6% of the Group's revenue. Among them, the revenue from the Iraq market increased by 43.9% to RMB2,211 million, accounting for 49.8% of the Group's overall revenue; during the year, the Iraq market received new orders of approximately RMB2,541 million in aggregate, representing an increase of 82.1% as compared to 2022. Revenue from other overseas markets accounted for 10.8% of the Group's overall revenue, and new orders from other overseas markets totaled RMB704 million, representing an increase of 18.9% as compared to 2022.


In respect of the Chinese market, the Group continued to deepen its asset-light transformation in 2023 and led the growth of the industry through technology, with significant breakthroughs in a number of technological innovations during the year. During the Reporting Period, revenue from the Chinese market amounted to RMB1,747 million, representing an increase of RMB253 million, or 16.9%, compared with RMB1,494 million in 2022, and accounting for 39.4% of the Group's total revenue. Among them, the Group's services related to precision engineering technology focusing on the demand of customers to increase production, with reservoir geological research as the core, contributed the most to the growth, while the related technology also led to the continuous transformation and upgrading of the traditional business.


Rapid growth of innovative business, full blossoming of platform business, empowerment and sharing with partners for common development


In 2023, the Group's business structure was further optimized, with the innovative business growing by more than 37.4% and the revenue share of the innovative business exceeding 50%. Among them, the Group's oilfield management business continued to grow, and the Group's integrated oilfield management project in Iraq successfully set a record of more than 2,000 days of LTI-free man-hours, and has become the most trusted partner of our customers; the asset leasing model continued to innovate, and launched a series of solutions for green development. The Group's natural gas processing project in Sichuan has been successfully put into operation in 2023, which integrated asset leasing, operation and maintenance and digital intelligence services, and the rapid commissioning of the project was highly praised by the customer. In addition, the Group continued to enhance its intelligent service capabilities by leveraging new-generation technologies such as big data, artificial intelligence and Internet of Things, which helped the customer to reduce costs, safeguard asset safety, and realize energy saving, efficiency, safety and environmental protection.


In terms of platform business, the Group's online platform: AT-Mall, Oil & Gas DAO, Oil Mates Multimedia and Oil Mates Self-media have formed a large ecosystem, and the online business is in full swing. Through the online platform, the Group has realized market promotion, business expansion, sharing of resources, technology and information, empowering and sharing with partners for common development.




In 2024, the Group expects that the global new energy transition will bring new opportunities for the Group's market development. We will continue to deepen our global business transformation and focus on the all-round expansion of our international business. In view of the sustainable development of the oil and gas industry in the future, the Group has officially launched eight comprehensive solutions, including Oil & Gas Development Overall Solution; Stimulation, Efficiency Improvement Research and Optimization Solution; Visualized and Data-Based Monitoring Solution; Oil & Gas Well Precision Engineering Technology Solution; Oil & Gas Development Quality and Safety TIC Solution; Oil & Gas Development AI Solution; Oil & Gas Green Development Asset Leasing Solution; Oil & Gas Development External Resource Platform Service Solution. These eight solutions are in line with the future development direction of the industry, which will help the industry to transform and achieve sustainable development, and bring new room for growth for the Group.


In terms of management, the Group will continue to focus on promoting the innovation of cash flow operation business model to continuously build a healthy cash flow. In respect of talent cultivation, the Group will further promote the recruitment and cultivation of innovative talents in a comprehensive manner, so as to realize the long-term steady development of the Group through outstanding teams. In addition, the Group will continue to rapidly push forward the securitization of assets for the realization of high-quality businesses, quickly promote the completion of the spin-off of the inspection business in the domestic capital market, and at the same time, solidly push forward the securitization of assets for other high-quality businesses, and bring in high-quality strategic partners for joint development.


The Group will continue to practice sustainable development management, make sustained efforts to contribute to green development with its technology and efficient services, actively fulfill its corporate social responsibilities, cultivate talents, help the community and join hands with various stakeholders to make progress, and safeguard its sustainable growth with a scientific governance structure to become a model in the industry.


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About Anton Oilfield Services Group


Founded in 1999 and listed on the Hong Kong Stock Exchange in December 2007, Anton Oilfield Services Group(HKEX Stock Code: 3337) is an innovative and globally leading integrated oilfield technical services company. We provide a full range of products and technical services for oil and gas development, actively promote high-tech research and development of oilfield service technologies, and provide tailor-made and all-rounded solutions for the diverse needs of oilfield customers and for the sustainable development of the oil and gas industry in the future. Our business covers more than 30 countries and regions, mainly emerging market countries such as China, Iraq, Chad and Kazakhstan, forming a rapid response global service support system.


This press release was issued on behalf of Anton Oilfield Services Group by ZHIXIN CAIJING.

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