Anton Oilfield Services Group reported mixed interim results for the six months ended 30 June 2026, as geopolitical volatility in the Middle East weighed on profitability and cash flow despite modest top-line growth.

Revenue rose 1.90% year on year to RMB 2.68 billion, supported by a 187.4% surge in “other overseas” markets to RMB 667.90 million and a 12.2% increase in Integrated Oilfield Technical Services sales to RMB 1.39 billion. Overseas operations contributed 70.1% of total turnover, but Iraq – the company’s single-largest market – contracted 16.2% to RMB 1.21 billion following export bottlenecks in the Strait of Hormuz. Domestic revenue fell 15.7% to RMB 801.90 million.

Operating profit dropped 30.1% to RMB 246.70 million as raw-material costs and higher relocation expenses squeezed margins. Net profit slid 35.0% to RMB 108.14 million, while profit attributable to shareholders declined 36.6% to RMB 104.64 million, trimming the attributable margin to 3.9%.

Segment performance diverged: • Integrated Oilfield Technical Services delivered EBITDA of RMB 293.73 million (–4.9%), with margin down to 21.2%. • Intelligent Management Services posted EBITDA of RMB 234.12 million (–22.2%) amid cost inflation. • Energy Asset Operation Business saw EBITDA contract 38.9% to RMB 54.90 million after certain projects concluded.

Cash generation weakened sharply. Operating cash flow swung to an outflow of RMB 64.02 million from an inflow of RMB 370.01 million a year earlier, and free cash flow turned negative RMB 241.70 million. Accounts-receivable days stretched to 206 (up 44 days), while net gearing increased to 60.2% from 56.0%. The group held cash and deposits of RMB 2.40 billion at period-end.

Capital expenditure was curtailed to RMB 107.10 million (–31.6%), aligning with the company’s “asset-light” stance. R&D spend fell 23.4% to RMB 43.00 million.

Order intake reflected both challenges and new wins. Iraqi bookings halved to RMB 1.24 billion after the Majnoon contract’s expiry and tender delays, whereas emerging markets orders surged 161.4% to RMB 1.60 billion, buoyed by a US$113.0 million integrated O&M award from Kuwait Oil Company and a US$100.0 million green-energy truck-charging project in northwest China.

Shareholder returns included a RMB 104.36 million final dividend for FY 2025 and open-market repurchases of 57.16 million shares during the half. No interim dividend was declared. The chairman acquired 18.92 million shares on-market under a separate share-purchase plan.

Looking ahead, management will prioritise diversified overseas expansion, green-energy infrastructure, and disciplined capital deployment while monitoring Middle-East risks and pursuing the planned Hong Kong IPO of testing subsidiary T-ALL Inspection, currently under substantive review by the exchange.