Sinopec achieves sound operational results

27 Aug '12

4 min read

China Petroleum & Chemical Corporation (Sinopec) announced its interim results for the six months ended 30 June 2012.

Financial Highlights:

In accordance with the PRC Accounting Standards for Business Enterprises (“ASBE”), in the first half of 2012, the Company’s turnover and other operating revenues was RMB1,348.1 billion, up 9.3% over the first half of 2011. Net profit attributable to shareholders of the Company was RMB23.7 billion. Basic and diluted earnings per share were RMB0.273 and RMB0.263 respectively.

In accordance with the International Financial Reporting Standards (IFRS), in the first half of 2012, the Company’s turnover and other operating revenues was RMB1,348.1 billion, up 9.3% over the first half of 2011. Operating profit decreased by 31.4% to RMB40.1 billion. Net profit attributable to shareholders of the Company was RMB24.5 billion, basic and diluted earnings per share were RMB0.282 and RMB0.272 respectively.

The Board of Directors declared an interim dividend of RMB0.1 per share (tax inclusive).

Business Highlights:

Exploration and production segment: Sinopec achieved satisfactory operation performance due to the increased prices and sales volume of crude oil and natural gas. Crude oil production increased year-on-year by 4.3% to 163.09 million barrels. Natural gas output grew 14.1% to 289.78 billion cubic feet. The segment’s operating revenue increased year-on-year by 12.0% to RMB126 billion, and operating profit, by 16.8% year-on-year to RMB40.5 billion. .

Refining segment: Refinery throughput was 110 million tonnes in the first half of the year, representing a year-on-year increase of 1.1%. The segment’s operating revenue rose 7.2% year-on-year to RMB638.6 billion. Nevertheless, the crude oil price increased significantly while domestic refined oil product prices were strictly regulated; hence the segment suffered an operating loss of RMB18.5 billion.

Marketing and distribution segment: Sinopec adjusted operation strategies to actively respond to the changing market demand. In the first half, the total sales volume of oil products increased to 82.67 million tonnes, up by 2.8% year-on-year. The marketing and distribution segment’s operating revenue increased 8.4% year-on-year to RMB710 billion and its operating profit was up 3.3% from the same period of 2011 to RMB20.3 billion.

Chemicals segment: Production of ethylene was 4.81 million tonnes in the first half of 2012, down by 4.1% year on year. The total sales of chemical products were 26.15 million tonnes, up by 4.2% year on year. Due to the depressed chemical market and drastic fall in prices of major chemical products, the chemicals segment recorded operating revenues of RMB200.8 billion and suffered an operating loss of RMB1.3 billion.

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