ACN Newswire

Honghua Group Announces 2021 Interim Results

indie
6 minutes

HONG KONG, Aug 31, 2021 - (ACN Newswire via SEAPRWire.com) - The world's leading onshore oil rig supplier Honghua Group Limited (Ticker: 196.HK, "Honghua" or "the Company") today announced unaudited consolidated interim results for the six months ending on 30 June 2021 ("the period").In the first half of 2021, oil and gas companies were reluctant to increase upstream investment despite the gradual increase in oil prices, and capital expenditure did not return to the pre-pandemic level. As a result, it takes a while for overseas sales of drilling rigs and other equipment to recover. During the period, the Company's revenue decreased 14.1% year-over-year from RMB1.807 billion to RMB1.552 billion in the first half of 2021. Gross profit was approximately RMB318 million, representing a decrease of 47.6% from RMB608 million for the same period last year. The loss attributable to shareholders of the company was approximately RMB73 million.Oil and gas engineering services expanded with remarkable overseas business growthHonghua began to provide oil and gas engineering services in Middle East in 2012, and Honghua oil service team HH029 became the only operation team in Zubair oil field that...

ACN Newswire

Honghua Group Announces 2020 Annual Results, Electric Fracturing Segment Achieved Rapid Growth

indie
7 minutes

HONG KONG, Mar 30, 2021 - (ACN Newswire via SEAPRWire.com) - The globally leading onshore oil rig supplier Honghua Group Limited (Ticker: 196.HK, "Honghua" or "the Company") today announced unaudited consolidated annual results for the twelve months ending on 31 December 2020 ("the Period").During the Period, the Company encountered the COVID-19 pandemic and oil price fluctuation. Honghua's revenue from continuing operations decreased by 11.2% to RMB3.931 billion from RMB4.426 billion in 2019. Profit attributable to shareholders of the company was RMB50 million in 2020. Despite numerous challenges posted by the pandemic and the plunge in crude oil price, Honghua achieved profitability in three consecutive years due to rapid growth of its core business as well as expansion of new businesses. AGAINST THE BACKDROP OF NATIONAL ENERGY SECURITY STRATEGY, HONGHUA'S FRACTURING BUSINESS CONTINUED TO GROW RAPIDLYAlthough Brent oil price plunged in 2020, the Chinese government still prioritized national energy security and was determined to expand domestic oil & gas exploration to satisfy domestic market demand. National Development and Reform Commission ("NDRC") and National Energy Admin...

ACN Newswire

Honghua Wins Order For Electric Coiled Tubing And Launches Cutting-edge Rapid Tripping System

indie
5 minutes

HONG KONG, Feb 1, 2021 - (ACN Newswire) - Honghua Group Limited (Stock Code: 196.HK, "Honghua" or the "Company"), a leading onshore oil rig supplier is pleased to announce that the Company has recently successfully developed the first electric coiled tubing in China and the first "one-key linkage" automated machine tool system in China, named Rapid Tripping System (RTSTM). In addition, Honghua has recently signed an order for two sets of electric coiled tubing, realizing achievements in both scientific research and commercialization.Recently, based on the successful promotion of electric fracturing complete sets of equipment and the R&D advantages of power motors and electronic control systems, and adhering to the design concept of "fully electrically driven, intelligent fracturing", Honghua independently developed the first set of electric coiled tubing and successfully completed the industrial tests in January 2021. Right after the tests, Honghua landed an order for two sets of electric coiled tubing, which were expected to be used in shale gas development in Sichuan and Chongqing. Electric coiled tubing is another crucial part of Honghua's fully electric fracturing equipment...