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H1 operating profit up in double digits at Sinopec
Aug '14
Despite decline in sales, operating profit rose in double digits at one of the biggest Chinese refiners and petrochemical producers, China Petroleum & Chemical Corporation (Sinopec) in the first six months ending June 30, 2014.

Sinopec said its total revenues in the first half of 2014 were down 4.2% to RMB 1,356.17 billion from the first half of 2013.

However, Sinopec still managed to maintain double digit growth in operating profit at RMB 52.27 billion in the first half of 2014, up 11.8% from a year earlier, impacted by increased production and sales volume of high quality oil products.

Profit attributable to equity shareholders of the company totalled RMB 32.54 billion, up 7.5% year-on-year, while basic earnings per share stood at RMB 0.279.

Net cash flows from operating activities rose 76.9% from comparable half year of 2013, to touch RMB 58.214 billion.

The Board of Directors at Sinopec proposed an interim dividend of RMB 0.09 per share for the period under review.

Sinopec said it maintained its fast-track momentum in the construction of shale gas capacity in the Sichuan Basin and by the end of June, daily shale gas production hit 3.2 million cubic meters.

As of end of 2013, Sinopec had completed its acquisition of overseas upstream assets from China Petrochemical Corporation, which significantly increased Sinopec‘s crude production.

Sinopec added that, optimized production structure and rise in output of high value-added oil products led to refining margin rising 43.4% year-on-year in the first half of 2014.

In the first half of 2014, Sinopec carried out the restructuring and reforms of its marketing business as planned and in the process established Sinopec Marketing Company Ltd.

It also completed auditing and evaluation of its assets, thereby laying the foundation for marketing business reform.

The refiner also set-up Sinopec Easy Joy Sales Co., Ltd, taking another big step in the development of its non-fuel business.

Sinopec significantly increased sales of premium products and recorded 10% growth in non-fuel operating revenues through optimising marketing strategies, expanding retail scale and enhancing integrated service levels for its clients.

In the period under review, Sinopec said it proactively responded to severe market conditions in the chemical industry, by adjusting raw material and product structure, optimising utilisation rate of its plants and shutting down non-profitable units.

Fibre2fashion News Desk - India

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