CNOOC Third Quarter 2024 Earnings: EPS: CN¥0.77 (vs CN¥0.71 in 3Q 2023)

CNOOC (HKG:883) Third Quarter 2024 Results

Key Financial Results

• Revenue: CN¥99.3b (down 14% from 3Q 2023).
• Net income: CN¥36.9b (up 9.0% from 3Q 2023).
• Profit margin: 37% (up from 30% in 3Q 2023). The increase in margin was driven by lower expenses.
• EPS: CN¥0.77 (up from CN¥0.71 in 3Q 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 down 1.8% from a week ago.

Risk Analysis

Before we wrap up, we've discovered 2 warning signs for CNOOC (1 is concerning!) that you should be aware of.

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