Financial Performance - The Group's revenue for the six months ended June 30, 2022, reached approximately US$51.1 million, representing an increase of approximately 125.7% from US$22.6 million for the same period in 2021[5]. - Gross profit amounted to approximately US$11.0 million for the six months ended June 30, 2022, representing an increase of approximately 37.2% from US$8.0 million for the same period in 2021[5]. - Net profit attributable to equity shareholders of the Company amounted to approximately US$1.7 million for the six months ended June 30, 2022, representing a decrease of 73.4% from US$6.3 million for the same period in 2021[5]. - Earnings per share for the six months ended June 30, 2022, was US0.05 cent, representing a decrease of 75.0% compared with US0.20 cent for the same period in 2021[5]. - Total comprehensive income for the period was a loss of US$1.968 million, compared to a profit of US$5.985 million for the same period in 2021[10]. - The profit before taxation for the six months ended June 30, 2022, was US$1.802 million, compared to US$10.930 million for the same period in 2021[8]. - The company recorded a profit for the period of $1,662,000 for the six months ended June 30, 2022, compared to a profit of $6,250,000 for the same period in the previous year, indicating a decline of approximately 73.4%[17]. - The company reported a consolidated profit before taxation of $1,802,000 for the six months ended June 30, 2022, down from $10,930,000 in 2021, indicating a decrease of 83%[51]. Dividend and Shareholder Returns - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2022[5]. - The company has not declared an interim dividend for the six months ended June 30, 2022[158]. Assets and Liabilities - The Group's total assets as of June 30, 2022, were reported at US$XX million, reflecting the financial position of the Company[12]. - As of June 30, 2022, total assets less current liabilities amounted to $148,867,000, a decrease from $150,738,000 as of December 31, 2021, representing a decline of approximately 1.2%[13]. - Current assets totaled $147,530,000, down from $153,217,000, indicating a decrease of about 3.7%[13]. - The company reported a net asset value of $146,610,000 as of June 30, 2022, compared to $148,578,000 at the end of 2021, reflecting a reduction of approximately 1.3%[15]. - Total equity attributable to equity shareholders decreased to $146,820,000 from $148,709,000, a decline of about 1.3%[15]. - Current liabilities remained relatively stable at $78,477,000, slightly down from $79,159,000[13]. - The liabilities decreased to $80,734,000 as of June 30, 2022, from $81,319,000 as of December 31, 2021[54]. Cash Flow and Investments - For the six months ended June 30, 2022, cash generated from operations was US$1,275,000, a decrease of 75.6% compared to US$5,222,000 in the same period of 2021[20]. - The company reported a net cash used in investing activities of US$6,237,000 for the six months ended June 30, 2022, compared to a net cash generated of US$30,213,000 in the same period of 2021[20]. - Cash and cash equivalents decreased to $18,088,000 from $33,511,000, a decline of about 46.0%[13]. - Cash and cash equivalents at June 30, 2022, were US$18,088,000, down from US$42,935,000 at the end of the previous year[20]. Revenue Segments - Sales of capital equipment and packages amounted to US$27,047,000, significantly up from US$5,711,000 in the prior year, representing an increase of 373.5%[31]. - Revenue from external customers for capital equipment and packages was US$28,089,000, compared to US$6,547,000 in 2021, indicating an increase of about 329%[44]. - The oilfield expendables and supplies segment reported revenue of US$20,279,000 for the six months ended June 30, 2022, compared to US$13,423,000 in the same period of 2021, marking an increase of about 51%[44]. - The management and engineering services segment generated revenue of US$5,256,000 for the six months ended June 30, 2022, up from US$4,246,000 in 2021, representing a growth of approximately 24%[44]. Operational Challenges and Market Conditions - The overall economic environment remains challenging, with pressures from shrinking demand and supply shocks impacting the company's operations[89]. - In the first half of 2022, Brent international oil prices fluctuated around $100 per barrel, representing an increase of over 60% compared to the same period last year[89]. - The price of Brent crude oil fluctuated around US$100 per barrel in the first half of 2022, with world oil demand increasing by approximately 3 million barrels per day to 100.45 million barrels per day, representing a year-on-year growth rate of 3%[125]. Strategic Initiatives and Future Outlook - CMIC signed contracts for 6 sets of LIFTBOAT full jacking systems in 2022, generating approximately RMB156 million in sales orders[90]. - CMIC entered into a strategic cooperation agreement with KenzFigee to develop offshore wind power technology products, focusing on core equipment for service operation vessels[91]. - The company is focusing on expanding its traditional oil and gas energy equipment business through new cooperation opportunities[90]. - The company aims to explore the Mexican oil market and expand its offshore asset management business, leveraging existing resources[150]. - CMIC is focusing on offshore wind power and hydrogen energy as part of its strategy for decarbonization in the energy sector[140]. Corporate Governance and Compliance - The Company has complied with the Corporate Governance Code during the six months ended June 30, 2022[189]. - The audit committee reviewed the unaudited financial results for the six months ended June 30, 2022, and confirmed compliance with applicable accounting standards[185]. - The Company is committed to high standards of corporate governance to safeguard shareholder interests[188].
华商能源(00206) - 2022 - 中期财报