CNOOC Full Year 2024 Earnings: Misses Expectations

CNOOC (HKG:883) Full Year 2024 Results

Key Financial Results

• Revenue: CN¥420.5b (flat on FY 2023).
• Net income: CN¥137.9b (up 11% from FY 2023).
• Profit margin: 33% (up from 30% in FY 2023).
• EPS: CN¥2.90 (up from CN¥2.60 in FY 2023).

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

CNOOC Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 6.0%. Earnings per share (EPS) also missed analyst estimates by 4.4%.

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 share price is broadly unchanged from a week ago.

Risk Analysis

It is worth noting though that we have found 2 warning signs for CNOOC (1 makes us a bit uncomfortable!) that you need to take into consideration.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.