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Hilong Group today held a Board of Directors meeting in Hong Kong, and announced that its revenue and profit of the first half of 2012 were respectively RMB 930 million yuan and 142 million yuan, up by 22.0% and 10.3% respectively on Y-o-Y basis.

According to the mid-term performance notice by June 30, 2012, Hilong stock’s basic and diluted earnings per share was RMB 0.0818 yuan. The Board of Directors decided not to distribute any mid-term dividend for the six months up to June 30, 2012.

 “Despite complicated global economic situation, Hilong still maintained steady growth in its businesses, the three business divisions of drilling rig and related products, coating material & services and drilling service not only successfully enforced growth strategy, achieved Y-o-Y growth in terms of income, but also made new breakthroughs in R&D, production, and market promotion.” said Chairman Zhang Jun, “Meanwhile, Hilong resolutely enforced globalization strategy, on the basis of ensuring its leading position in domestic market for drilling rig and related products, coating materials and service business division, it is quickly building global network to develop overseas market.”

Outlook

Looking ahead into the second half of 2012, Hilong will continue to implement the pre-determined development strategy, namely simultaneously develop international market while keeping leading position in the domestic market, take full advantage of Middle East plant and the newly acquired Hilong USA, LLC., and continue its globalization deployment, meanwhile focus efforts on R&D of high-end products to improve profit-earning ability.

In drilling rig and related products business division, Hilong will continue to develop more market share in the overseas market, and further improve its competitiveness in high-end products market. Meanwhile, through technology upgrading, and integrating production process, it intends to further control production cost.

In energy and chemical business division, in the aspect of OCTG coating material and services, Hilong will continue its construction of coating plant in Canada, and try to obtain more high quality customers and orders on the basis of existing OCTG coating orders. In the aspect of large bore pipeline coating service, outside existing production scope, Hilong will also actively promote anti-corrosion alloy liner pipe technology. Meanwhile, the sea bed weight coating project for anti corrosion of long distance sea bed pipeline has formally kicked off, Hilong will speed up the pace of completing the construction of production line.

Hilong Oil Service will continue to perform overseas drilling service contracts, meanwhile strengthening regional management of drilling rig equipment, improving the operation efficiency of each region; after mid-year, Hilong Oil Service successfully signed contract for two new drilling rigs with Schlumberger at local joint venture company in Ecuador, it is expected to start drilling in the second half of 2012.

In the aspect of group management, Hilong will actively improve corporate governance ability, control management expenditure, strengthen management of working capital, and accelerate the recovery speed of operating funds.

“We are very optimistic about the situation in the second half of 2012.” said Chairman Zhang. Generally speaking, the oil and gas prospecting activities in the second half of each year will be more active than those in the first half of the year. Judging from existing orders, Hilong expects the demand will grow on the basis of that in the first half of 2012, in which high-end products and services will account for very high percentage.

“We also believe that, our group’s business will benefit from China’s supporting policies, including mining of non-conventional gases such as natural gas and shale gas, coal bed gas, and construction of oil and gas shipping pipelines. We firmly believe that through untiring efforts, Hilong will continue to maintain healthy growth momentum, so as to provide oil and gas enterprises with better products and services, and bring more generous reward to shareholders.” said Chairman Zhang.