Glonghui, March 22 | Citigroup published a research report showing that CNOOC's net profit fell 13% year-on-year to 124 billion yuan last year, in line with expectations. Core profit fell 5.6% year-on-year to $134 billion. A final dividend of HK$0.66, with a cumulative dividend of HK$1.25 for the whole year, meant that the dividend ratio was 44% higher than expected and the dividend ratio reached 7%. Taking into account the Group's latest production guidelines, the bank raised its profit forecast for the 2024 and fiscal year 25 by about 5%, and raised the target price from HK$15.8 to HK$23, maintaining a “buy” rating. The bank mentioned that although CNOOC's commitment to a three-year dividend payment of not less than HK$0.7 or a dividend rate of 40% will expire this year, it is believed that the Group will continue its dividend policy of no less than 40% next year or later, and there is potential room for improvement under the market value management requirements of the State Assets Administration Commission.