Sinopec reports 53 percent increase in net profits in H1

2018-08-28 09:53

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The China Petroleum & Chemical Corporation (Sinopec), one of China's petroleum and chemical giants, unveiled its semi-annual financial report on Sunday, showing a 53.6-percent surge in its net profits.

Its net profits of the state-run oil company hit 41.6 billion yuan, up by 53.6 percent year-on-year, while its operating income increased by 11.5 percent to 1.3 trillion yuan, based on Chinese Accounting Standards. The earnings per share (EPS) reached 0.344 yuan, the report says.

Sinopec's financial data according to the International Financial Reporting Standards (IFRS) indicates the net profits were 42.4 billion yuan with an EPS of 0.35 yuan, the report says.

Meanwhile, Sinopec announced that it would distribute dividends at 0.16 yuan per share this time, up by 60 percent year-on-year, according to the report.

The improved financial performance of the company was due to the hikes in international oil prices, which surged by 36.2 percent year-on-year, the report says.

Revenues coming from the petrochemicals increased by 22.5 percent to 218.8 billion yuan during the reporting period. Sinopec has been ramping up trade scales and has expanded its market share in its petrochemical division.

The company projected that the demand for refined oil products and petrochemicals would continue to increase in the second half of the year while these products will be high-end oriented. The natural gas production is slated to maintain a rapid growth rate as the government is trying to restructure China's economy.

Uncertainties regarding oil prices in the second half of the year will increase due to the escalating trade frictions as well as other geopolitical conflicts around the globe, the report says.

The demand for petroleum and chemicals maintained a strong momentum in the first half of the year. Data from the National Development and Reform Commission of the Chinese central government shows that the apparent consumption had increased by 5.7 percent in refined oil, 17.5 percent in natural gas and 9.3 percent in ethylene domestically.
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