China Petroleum & Chemical (Sinopec) turnover up in 2007

07 Apr '08

2 min read

China Petroleum & Chemical Corporation (Sinopec Corp or the Company) announced its annual results for the year ended 31 December, 2007. Under PRC accounting standards for business enterprises, the Company's operating income increased by 13.5% to RMB 1,204.84 billion in 2007. Net profit attributable to the equity shareholders of the parent company rose 5.5% to RMB 54.947 billion.

Under International Financial Reporting Standards (IFRS), the Company's turnover with other operating revenues and income increased by 13.4% to RMB 1,209.706 billion in 2007.

Profit attributable to shareholders of the Company rose by 5.5% to RMB 56.533 billion. The Board of Directors proposed to declare a dividend of RMB 0.165 per share of 2007 on a full year basis. After deducting an interim dividend of RMB 0.05 that has already been paid, the final dividend for 2007 would be RMB 0.115 per share. The dividend to be declared for each American Depository Receipt (ADR) on the full year basis would be RMB 16.5.

Mr. Su Shulin, Chairman of Sinopec Corp., said “Under severe market conditions featured by the sharp rise in international crude oil prices and increasing pressure due to domestic price control for refined oil products in 2007, we were still able to achieve sound operating results by taking full advantage of our strengths, improving our management skills, accelerating technological development, and implementing safety, energy conservation and effluent control measures.”

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