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Jutal Announced 2018 Annual Results

Date: 2019-03-29

 Jutal Offshore Oil Services Limited announced its 2018 annual results on 29 March 2018.

Jutal achieved a total revenue of RMB1,485,964,000 in year 2018, realized a gross profit and net profit of RMB180,505,000 and RMB26,637,000 respectively. Basic earnings per share is RMB0.0163. The Board also announced a final dividend of HK$ 0.02 per ordinary share.

In 2018, The Group actively participated in bidding for projects in the market, to develop new customers and to maintain and enhance partnership with existing customers.

Following the completion of the acquisition of the entire equity interests of Penglai Jutal at the end of 2017, the Group has made active adjustments to its corporate management structure and business operation. Adjustments and integration have been made in various aspects such as facility, customer resource and operating system, to optimize resource allocation and in turn to enable the full utilization of the advantages of the two construction plants which are located in South and North China respectively and to realize more efficient management.

During 2018, the integration of safety and quality systems of Penglai and Zhuhai sites were substantially completed, with all safety, environmental protection and quality indicator being at satisfactory level and remarkable results being maintained.

The market has gradually recovered from years of downturn in oil prices and the market. The global market sees certain large-scale projects, which usher in many observable market opportunities. The Group will focus on market development and fully promote the project progress. 

By the middle of 2019, the Group’s construction at the Penglai site is expected to reach its peak. The Group will also need to make rational arrangements for and investments in the two major construction sites to enhance production capacity and efficiency by expanding and optimizing site facilities, so as to meet the needs of construction work and more projects to be undertaken in the future as well as enhance its core competitiveness and maintain the leading position in the construction business.

In addition, the Group will continue to improve its processes and methods in various aspects, including marketing and commercial work, production and operation, material procurement and subcontracting tender, to reduce costs and improve work efficiency. Simultaneously, efforts shall be made on risk prevention through strict capital planning and project management and control.
 
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