SSC Released the 2019 Annual Results in Beijing

On March 25th 2020, Sinopec Oilfield Service Corporation held 2019 Annual Results Release Conference Call in Beijing. More than 90 of institutional investors, analysts and journalists participated in the conference by telephone. Chairman Mr Chen Xikun,Executive Director and CEO Mr. Yuan Jianqiang, CFO Mr. Xiaoyi and Board Secretary Mr. Li Honghai attended the meeting. At the meeting, the management firstly introduced the operations, financials of 2019 and outlook for 2020. Then in Q&A session, the management answered the question that investment institutions and medias were interested in.

In 2019, seizing the favorable opportunity of the increased efforts on oil and gas development by domestic oil companies, the company coordinated and optimized the market layout, strengthened the fine management of projects, promote internal deepening reforms, give full play to the role of R&D, recorded significant increases in revenue and new signed contract value and continued to improve operating  performance. In 2019, the company recorded a revenue of 69.87 billion yuan, increased by 19.6% YOY, and a net profit of 914 million yuan, increased by 544% YOY. The company entered new contracts valued 69.5 billion yuan, up 11% YoY. That a solid foundation have been laid for achieving comprehensive and sustainable development in 2020

Looking forward to 2020, the company will rise to the challenges brought by the novel coronavirus outbreak and volatile international oil price to the oilfield service industry, exert advantages  integrated service capabilities and unique technologies, seize the favorable opportunity of continuously increased upstream E&P Capex of domestic oil companies, based on the internal market, make every effort to develop domestic and overseas markets. The company will adhere to the development concept of “leading technology, creating value, supporting oil & gas, and serving customers”, continue to deepen internal reforms, strengthen management innovation, deepen resources optimization and integration, adjust and optimize structure as a whole, boost brand image continuously, improve quality of development, promote the Company to mid-to-high end and strive to achieve comprehensive and sustainable development. We are committed to create greater value for shareholders and society, and build a world-class integrated petroleum engineering service company.

(Rong Liming,  Liu Wenxu)

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