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Sinopec profit down, despite rise in 2012 sales
Mar '13
China Petroleum & Chemical Corporation announced its annual results for the year ended 31 December 2012.

Financial Highlights:

In accordance with the PRC Accounting Standards for Business Enterprises, in 2012, the Company's operating income was RMB2, 786.0 billion, up 11.2% year-on-year, and operating profit was RMB87.9 billion. Net profit attributable to equity shareholders of the Company was RMB63.5 billion, down 11.4% year-on-year. Basic and diluted earnings per share were RMB0.731 and RMB0.704 respectively.

In accordance with the International Financial Reporting Standards (IFRS), in 2012, the Company's turnover, other operating revenues and other income was RMB2, 786.0 billion, up 11.2% year-on-year, operating profit was RMB98.6 billion. Profit attributable to equity shareholders of the Company was RMB63.9 billion, down 12.8% year-on-year. Basic and diluted earnings per share were RMB0.736 and RMB0.708 respectively.

The Board of Directors proposed a final cash dividend of RMB0.2 per share. Combined with the interim dividend of RMB0.10 per share, the total annual cash dividend for 2012 is RMB0.30 per share (tax inclusive), with dividend payout ratio reaching 41% (2011:36%). In addition, the Board proposed 2 bonus shares from retained earnings plus 1 bonus share from capital reserve for every 10 existing shares to all shareholders.

Business Highlights:

Exploration and production segment: The company realized growth in both oil and gas reserve and production, and showed significant results in unconventional oil and gas resource development through exploration activities conducted by the E&P segment in five key domestic regions, and achieved more than 100% replacement ratio of domestic oil and gas throughout the year. The Company officially launched its first shale gas pilot project with production capacity in Fuling. The Company’s crude oil production increased 2.0% year-on-year to 328.28 million barrels; natural gas production increased 15.7% year-on-year to 598.01 billion cubic feet. The segment’s operating profit was RMB70.1 billion.

Refining segment: The Company processed 221 million tonnes of crude oil, an increase of 1.8% from 2011, and produced 133 million tonnes of oil products, up by 3.9% from the previous year. The Company actively adjusted its product mix, which resulted in higher output of products with high market demand, such as gasoline and jet fuel. Despite the recorded operating loss for the year of RMB11.4 billion, gradual improvement in refining margins helped turnaround the business in the second half of the year, leading to a loss reduction of RMB 24.3 billion years-on-year.

Marketing and distribution segment: Sinopec adjusted operation strategies to actively respond to the changing market demand, as well as actively promoted one-stop service and specialty goods to achieve stable business growth. In 2012, the total sales volume of oil products increased to 173 million tonnes, up 6.7% year-on-year, with domestic refined oil retail volume increasing significantly. The segment’s operating profit was RMB42.7 billion in 2012.

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