China's Honghua Group H1 turnover falls 3.5% on Middle East disruption

Honghua

28/08/2026 13:11

Overview
China oilfield equipment maker's half-year turnover fell 3.5% yr/yr
Gross profit declined 21.9% and operating profit dropped 89.5% yr/yr
Company posted a loss per share and did not recommend interim dividend

Outlook
Company did not provide specific financial outlook

Result Drivers
MIDDLE EAST DISRUPTION – Conflict delayed project fulfilment, raised supply-chain costs and curtailed drilling services, pressuring revenue and margin
LAND-RIG DELIVERIES – Gradual Middle East delivery of land-rig orders lifted overseas revenue; land-rig revenue rose 44.3% yr/yr

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Turnover
 
RMB 2.51 bln
 

Reuters Recommended Reads
Aug 25 - China Oilfield Services H1 revenue, net income rise, helped by North Sea drilling strength
Aug 28 - CM Energy Tech half-year profit falls on Pemex impairment
Aug 26 - China's CNOOC posts record H1 profit on stronger oil, gas sales

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)