On June 16th, SSC held the annual general meeting for 2019 (the “AGM”), the first A shareholders class meeting for 2020 (the “A Shareholders Class Meeting”) and the first H shareholders class meeting for 2020 (the “H Shareholders Class Meeting”) in Beijing. The meeting approved the Report of the Board of the Directors of the Company for the year 2019, the Report of the Supervisory Committee of the Company for the year 2019, the audited financial statements and the auditor’s report of the Company for the year 2019, the general mandate to issue new domestic shares and/or overseas-listed foreign shares of the Company and the authorization to the Board to repurchase domestic shares and/or overseas-listed foreign shares of the Company, etc. The chairman of the company Mr. Chen Xikun presided over the meeting, and the company's directors, supervisors, senior executives and heads of major business departments attended the meeting.
In 2019, confronting the widely fluctuated international oil prices, the company firmly seized the favorable opportunity of the increased oil and gas exploration and development of oil companies, vigorously explored the market, continued to deepen reform, made science and technology as the leading role, and promoted comprehensive and sustainable development. 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, and signed new contracts valued 69.5 billion yuan, increased by 11% YoY.
Looking forward to 2020, opportunities and challenges will coexist. The company will adhere to the concept of " Leading in technology, Creating value, Supporting oil & gas, and Serving customers", focusing on five key tasks of stabilizing growth, adjusting structure, improving quality, promoting reform and strengthen foundation, to promote internal deepening reform, promote business specialization and characteristics development, optimize and adjust the market structure, focus on advantageous markets, and withdraw from inefficient markets; optimize and adjust the business structure, develop technical service business, and promote the development of mid-to-high-end business; coordinate the allocation to optimize equipment, human and technical resources; strengthen project management and cost control to further reduce the cost of revenue per 100 yuan, while further improve the market-oriented operating mechanism to streamline the management levels and organization settings; optimize the team structure, improving labor productivity, and significantly improving the company's profitability and core competitiveness. We are confident and determined to achieve better business performance, to achieve comprehensive and sustainable development, to create greater value for shareholders and society, and take a new step towards creating a world-class comprehensive oil service company. (Rong Liming, Liu Wenxu)