Sinopec’s net profit fell by 20.1% in the first half of the year – Kommersant

As follows from reporting China Petroleum & Chemical Corporation (Sinopec) in the first half of the year, the Chinese company’s net profit fell 20.1% compared to the same period in 2022 to 35.11 billion yuan ($4.82 billion). Operating income fell 1.1% to $218 billion and earnings per share fell 19.3%. The weakening of indicators occurred against the backdrop of lower oil prices and the profitability of a number of refined products, the company points out.

Meanwhile, the Chinese company raised its oil refining volumes by 4.8% to 126.5 million metric tons. Sales of oil-to-fuel products also grew significantly, by 18.5% to 116.6 million tonnes. The company points out that in the first half of the year, the Chinese economy continued to recover, and under these conditions, domestic demand for natural gas grew by 6.7% year on year, and the consumption of refined petroleum products, including gasoline, diesel fuel and kerosene, grew by 16.2% . In the first half of the year, Sinopec produced 139.68 million barrels of oil, up 0.02% from a year earlier. Natural gas production increased by 7.6% to 18.7 billion cubic meters. In documents filed with the Hong Kong stock exchange, the company also announced plans to buy back shares worth between $100 million and $200 million.

Alena Miklashevskaya