CNOOC profits up 131pc

Mainland oil giant CNOOC (0883) recorded a 131 percent year-on-year jump in its first-quarter net profit.

That came in at 34.3 billion yuan (HK$40.6 billion) thanks to a higher oil price and sales. It has proposed a special dividend of HK$1.18.

It had last month delayed the announcement of 2021's dividend allocation until after it completed its Shanghai listing, which was achieved last week.

The firm has promised share buybacks this year and annual dividends of at least 40 percent of profits from 2022 to 2024.

Xu Keqiang has meanwhile resigned as CNOOC chief executive due to other commitments and has also switched from executive director to non-executive director. Deputy general manager Zhou Xinhuai will take over Xu's duties.