SSC Announced its 2017 Interim Results

On August 30, SSC held the meeting to announce its 2017 interim results and meet the press in Hong Kong. Jiao Fangzheng who is vice president of Sinopec Group and chairman of SSC, Sun Qingde who is SSC vice chairman and president, Zhou Shiliang who is SSC executive director and vice president, Chen Xikun who is executive vice president, Li Tian who is chief financial officer and Li Honghai who is secretary to the board were present at the meeting.

94 analysts of different investment organizations and 12 journalists attended the meeting in which SSC senior management announces the company's performance of the first half and expectations for the second one, and answered questions.

International crude oil prices obviously grow in the first half of 2017, domestic and foreign oil companies increased their upstream E&P CAPEX, leading the oilfield service industry to stable recovery. All the SSC staff struggled against challenges and moved forward to extend markets in the industry winter. Also they continued the reforms to make more profits, enhance corporate management to innovate development, and made contributions to increase revenues and reduce deficits, making a positive U-turn on its profit index. As a result, the Company’s consolidated revenue was RMB19.84billion yuan, representing an increase of 1.15 billion yuan and 6.17 % compared to the corresponding period of the previous year. Its revenue before tax is -2.09 billion yuan, YoY decreased loss 2.31 billion yuan and the net profit is -2.29 billion yuan for the six months.

In the next 6 months, facing the severe management surroundings, SSC will run for the markets, continue to focus on improve qualities and increase profits, make joint efforts to extend the markets, deepen reforms, move forward the specialization of supporting business, streamline management levels and organizations, enhance technological innovation and application, further control the cost and strive for a better performance.

SSC Chairman Jiao Fangzheng spoke at the meeting that the company will continue to face severe challenges in the first half of 2015 and even longer. To tackle the 2 main problems of reducing deficits and resolving overcapacity, SSC will focus on extending the markets, improving management and reducing the cost to increase profits. Also, it will make joint efforts to resolve the overcapacity, enhance and optimize the main business, improve specialization of supporting business and smooth the way for great reduction of deficits in 2017 and turning to be profitable in 2018. SSC will work to forge a solid basis for improving qualities, increasing profits, transformational development and building up a world class company.(Xu Chunni)


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