CNOOC First Quarter 2024 Earnings: EPS: CN¥0.84 (vs CN¥0.68 in 1Q 2023)

CNOOC (HKG:883) First Quarter 2024 Results

Key Financial Results

• Revenue: CN¥111.5b (up 14% from 1Q 2023).
• Net income: CN¥39.7b (up 24% from 1Q 2023).
• Profit margin: 36% (up from 33% in 1Q 2023). The increase in margin was driven by higher revenue.
• EPS: CN¥0.84 (up from CN¥0.68 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

CNOOC Earnings Insights

Looking ahead, revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Hong Kong.

Performance of the Hong Kong Oil and Gas industry.

The company's shares are up 5.7% from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 2 warning signs for CNOOC you should be aware of, and 1 of them can't be ignored.

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